SPONSORED | The Gauteng department of human settlements, together with the Gauteng Partnership Fund,.
The project‚ which will be unveiled on Tuesday by KwaZulu-Natal Premier Willies Mchunu and economic development MEC Sihle Zikalala‚ is the result of a partnership between the Richards Bay Industrial Development Zone Nyaza Light Metals and a New Zealand-based company.
Benefication is the process of transforming mineral resources into higher value products‚ which can then be consumed locally or exported.
President Jacob Zuma outlined the potential impact of benefication policies as part of the New Growth Plan economic development plant in his 2011 State of the nation address.
The plant will produce titanium dioxide pigment‚ a product used in paint‚ toothpaste and colourants for food products.
The construction of the plant will begin next year while production is expected to begin in late 2019.
The Department of Trade and Industry has extended a grant of R17.1-million to the company for feasibility studies and has also approved an investment allowance of R900-million.
The project is expected to create 550 permanent skilled jobs‚ 1‚200 indirect and 800 jobs during construction.
Both Mchunu and Zikalala have hailed the new development as a major boost for the KwaZulu-Natal economy.