WEDNESDAY, 11.00AM
LOCAL mining house Johannesburg Consolidated Investments is to invest $660-million in an iron project in the Mozambican port of Beira, JCI executive chairman Mzi Khumalo said on Tuesday.
Khumalo said the project will be one of the most competitive in the world, and will be central to economic development in Mozambique. The facility will produce hot briquetted iron, used to enhance the scrap fed to modern mini-steel mills in Asia.
Khumalo said the project is the first in a series of plans to expand JCI’s participation in the global commodities market.
The project will be powered by natural gas from the Temane and Buzi natural gas fields in central Mozambique.