African Development Bank Supports Titanium Processing in South Africa
The African Development Bank Group has approved $75 million in financing for Nyanza Light Metals Pty Ltd to drive large-scale titanium processing in South Africa.
Titanium dioxide, a crucial pigment used in various industries, is currently imported at a high cost. Nyanza's project aims to produce titanium dioxide locally, promoting import substitution and positioning Africa in the global titanium dioxide value chain.
- The financing package includes $25 million from the Africa Growing Together Fund (AGTF), a co-financing initiative between the African Development Bank and the People's Bank of China.
- The project will contribute to industrialization in Africa through local value addition to the continent's abundant titanium mineral resources.
The African Development Bank's financing will support Nyanza to boost industrialization in Africa.
Author's summary: African Development Bank approves $75 million for titanium processing in South Africa.