Pretoria – The MEC for Economic Development, Tourism and Environmental Affairs in KwaZulu-Natal, Sihle Zikalala will on Tuesday officiate the signing of a major partnership between the Richards Bay Industrial Development Zone, Nyanza Light Metals and a New Zealand based company.
The deal will culminate in the construction of a R4.5 billion titanium beneficiation plant in Richards Bay.
The plant will produce titanium dioxide pigment, a product used in paint, toothpaste and colourants for food products. The construction of the plant will commence next year, while production is expected to begin in late 2019. The Department of Trade and Industry (dti) extended a grant of R17.1 million to the company for feasibility studies and has also approved an investment allowance of R900 million.
MEC Zikalala has described the project as a major boost for the KwaZulu-Natal economy, saying it affirmed the province as a preferred investment destination.
“We are very excited about this project because it will have a huge impact on our economy and it will also create 550 permanent skilled jobs, 1 200 indirect and 800 jobs during construction.”