BEIJING - One of China’s largest heavy machinery manufacturers will build a $262 million cement plant in Cambodia, state media said on Saturday. CITIC Heavy Industries Co Ltd (CITIC HIC) signed a contract with Cambodian company Chip Mong Insee Cement Corporation to design the project, procure equipment and materials and construct a cement plant in southwestern Kampot province, China’s state news agency Xinhua said. The contract was signed by Yu Zhangfa, chief executive officer of CITIC HIC and Leang Meng, chief executive officer of Chip Mong Group, the parent company of Chip Mong Insee Cement Corporation, Xinhua reported. CITIC HIC is a subsidiary of CITIC Ltd. The project is a joint venture with Thailand’s Siam City Cement Public Co Ltd, Xinhua said. CITIC HIC is China’s largest mining machinery manufacturer and one of the largest manufacturers of heavy machinery, its website said. CITIC HIC reported its 9-month net profit was down 48.75 percent year on year at 185.23 million yuan ($28.94 million) in October. ($1 = 6.4008 Chinese yuan renminbi)