Chinese investors $ 10bn plan metallurgical complex for SA
World
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JOHANNESBURG, July 27 (Reuters) – Chinese investors signed agreements to build a $ 10 billion metallurgical complex in South Africa during President Xi Jinping's state visit this week and hope to start construction next year, an executive involved in the project and a provincial official told Reuters.
South Africa's President Cyril Ramaphosa said at a news conference with Xi on Tuesday that China had committed to invest $ 14.7 billion in the South African economy, but the leader said $ 10 billion complex.
Ramaphosa is We have a mission to kick-start economic growth after a decade of stagnation and is targeting $ 100 billion in new investment over five years.
The complex, which is still in planning and planning, has ferrochrome plant and a silicomanganese plant, is a much-needed vote of confidence in the sputtering South African economy.
Trade and Industry Minister Rob Davies said on That was a special project in the economic zone (SEZ), but he did not reveal the scale of the project or timeframe.
The executive involved in the project, who did not wish to be named because he was The investors for the SEZ project were in the room when Ramaphosa and Xi spoke to the press, "the memorandum on the complex was signed before Xi and Ramaphosa gave news conference on Tuesday. executive said.
Richard Zitha, a project executive at the Musina-Makhado SEZ, where the complex will be based, said he said.
He said The Chinese investors would look for Black Economic Empowerment partners to meet the requirements of the United States of America (19659002) The investors were open to investors a later stage, he said.
"The investors have been in South Africa for a week and have visited mines to look for inputs for the project," Zitha said.
The Musina-Makhado SEZ is in Limpopo province close to South Africa's borders with Mozambique, Zimbabwe and Botswana.
The SEZ plans to house plants with a capacity of 3 million tonnes per annum of stainless steel, 3 million tonnes per annum of ferrochrome and 500,000 tonnes per annum of silicomanganese. These resources are likely to be terminated by the end of the year, the executive said.
A coal-fired power plant, coking plant and coal washer, a presentation prepared for investors
Some of the steel products for export to China, while other products would be sold to countries in southern Africa, the executive said.
South Africa is a major exporter of metal alloys to China.
Investors are hoping to receive the necessary environmental approvals by the end of March and would then start construction, Zitha said.
Editing by James Macharia and Jason Neely
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