AfDB backs Nyanza Light Metals with R1.2bn to boost mineral beneficiation

Investment will support development of 80 000-ton-per-year titanium dioxide plant at the RBIDZ

- SIPHELELE DLUDLA

SITE geotechnical studies and piling works underway at Nyanza Light Metals at the Richard's Bay Industrial Development Zone, South Africa.

(SUPPLIED)

THE African Development Bank (AfDB) has approved $75 million (around R1.28 billion) in financing for South Africa-based Nyanza Light Metals to advance large-scale titanium processing and strengthen Africa's industrial base through mineral beneficiation.

The investment will support the development of an 80 000-ton-per-year titanium dioxide pigment manufacturing plant at the Richards Bay Industrial Development Zone for local market and export to the rest of the African continent, Europe, Americas and the Middle East.

The project aims to process locally and regionally sourced titanium ores into high-value pigment used in paints, coatings, cosmetics, and medical applications-industries currently dependent on costly imports.

Of the total financing, $25m will come from the Africa Growing Together Fund (AGTF), a joint initiative between the AfDB and the People's Bank of China.

The remainder forms part of a syndicated package arranged with the Africa Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank), both serving as lead arrangers and bookrunners.