PMFORUM Breaking News
Breaking News in the Project Management World
Sunday, February 21, 2010
South Africa may get $1, 2bn integrated rare metals plant
Reported by Jaycee Kruger in South Africa
Investor consortium Rare Metals Industries (RMI), a venture with South African, Russian and US investors, on Thursday announced the launch of a project aimed at constructing a titanium and other metals beneficiation complex in South Africa, which would cost between $1,2-billion and $1,5-billion.
The shareholders and partners in the project; the National Empowerment Fund, the Industrial Development Corporation, Magnesium & Metals and, TJTI, have committed to equally fund the R40-milllion (around $5m) for the prefeasibility study for the project, which is currently under way.
RMI chairperson Donovan Chimhandamba said that the prefeasibility study would be completed in the next six to eight months, after which a bankable feasibility study (BFS) expected to take around a year, will follow.
The proposed plant would be the world's first integrated metals plant producing titanium, zirconium, magnesium and silicon, utilizing Russian technology to produce titanium, zirconium, magnesium and other metals, Chimhandamba said. A local plant would allow South Africa to export processed metals rather than the raw metals currently shipped.
Construction on the preferred site near Saldanha Bay on South Africa's West coast is to begin in 2012. Expected annual capacity of 15 000 tons of refined titanium and 2000 tons of zirconium per annum, primarily for the export market, is envisaged. It is also expected that at full operational capacity the plant will also produce 50 000 tons of magnesium and 8 000 tons of silicon per annum. The consortium expects first production in the second quarter of 2015.
Speaking in Johannesburg, Chimhandamba said that South Africa had the second-largest reserve of titanium and zirconium in the world, but had never really reaped the full benefit of this industry.
It was expected that the project would generate at least 2 800 skilled jobs during the construction phase and more than of 5 000 permanent jobs once the plant was fully operational.
The project would need about 150 MW of power, but RMI indicated that it hoped not to be entirely dependent on state-owned power utility Eskom for its electricity supply. "As part of the prefeasibility study, we are considering a co-generation plant or co-partnering with another project, which would make this project energy positive," concluded Chimhandamba.
Or more information visit http://www.nefcorp.co.za
Investor consortium Rare Metals Industries (RMI), a venture with South African, Russian and US investors, on Thursday announced the launch of a project aimed at constructing a titanium and other metals beneficiation complex in South Africa, which would cost between $1,2-billion and $1,5-billion.
The shareholders and partners in the project; the National Empowerment Fund, the Industrial Development Corporation, Magnesium & Metals and, TJTI, have committed to equally fund the R40-milllion (around $5m) for the prefeasibility study for the project, which is currently under way.
RMI chairperson Donovan Chimhandamba said that the prefeasibility study would be completed in the next six to eight months, after which a bankable feasibility study (BFS) expected to take around a year, will follow.
The proposed plant would be the world's first integrated metals plant producing titanium, zirconium, magnesium and silicon, utilizing Russian technology to produce titanium, zirconium, magnesium and other metals, Chimhandamba said. A local plant would allow South Africa to export processed metals rather than the raw metals currently shipped.
Speaking in Johannesburg, Chimhandamba said that South Africa had the second-largest reserve of titanium and zirconium in the world, but had never really reaped the full benefit of this industry.
It was expected that the project would generate at least 2 800 skilled jobs during the construction phase and more than of 5 000 permanent jobs once the plant was fully operational.
The project would need about 150 MW of power, but RMI indicated that it hoped not to be entirely dependent on state-owned power utility Eskom for its electricity supply. "As part of the prefeasibility study, we are considering a co-generation plant or co-partnering with another project, which would make this project energy positive," concluded Chimhandamba.
Or more information visit http://www.nefcorp.co.za