Xstrata to spend 710 million dollars on SAfrican smelter
Swiss mining giant Xstrata said on Wednesday that it would spend 4.9 billion rands (710 million dollars, 510 million euros) on expanding a ferrochrome smelter in South Africa.
Under the project, the group will build a smelter with a capacity of 360,000 tonnes per year, bringing total ferrochrome capacity to over 2.3 million tonnes per year.
The expansion is expected to create more than 1,000 jobs, with another 1,800 jobs to be generated during the construction of the smelter, said the group in a statement.
"This expansion further enhances Xstrata's leading position in the ferrochrome market and will allow the Group to benefit from anticipated growth in global demand for stainless steel," said the group's chief executive officer Mick Davis.
© 2010 AFP