Austrian company Atrus Cement Holding AG has halted the construction of a cement plant in Krasnodar territory indefinitely, a source familiar with the situation told Interfax.

The source said that the project had been temporarily put on hold due to a lack of funds to finance the construction.

Atrus Cement Holding AG was planning to build a 2.1Mta cement plant in the Crimean district of Krasnodar, the district administration previously told Interfax. The project was expected to cost over RUB12.7bn (US$222m). The company was hoping to start construction in 2012 and complete the plant by 2016.