04 JUNE 2015<a href= http://af.reuters.com/article/investingNews/idAFKBN0OJ1IM20150603' target='_blank'> Reuters </a>
Bahrain's Midal Cables opens $65 mln aluminium factory in Mozambique
Edited by : AL CIRCLE
1 min read
Bahrain's Midal Cables said on Wednesday it had spent $65 million to construct an aluminium factory in the Mozambican capital that will export to other African countries.
The plant, situated near Mozambique's Mozal aluminum smelter, has an annual output capacity of 50,000 metric tonnes and will produce rods, wires and conductors for countries such as South Africa, Namibia, Zimbabwe, Kenya, Tanzania and Nigeria.
"It's a strategic decision because Africa is a priority market for our group," managing director Hamid Al Zayani said.
"Mozambique is an excellent platform for us to serve key markets in Africa."
Mozambique, which is recovering from years of civil unrest, has some of the fastest economic growth rates on the continent and hopes to harness its vast natural gas reserves to become a leading liquefied natural gas exporter.
The government expects growth of 7.5 percent in 2015, similar to expansion in the previous year.
The plant, situated near Mozambique's Mozal aluminum smelter, has an annual output capacity of 50,000 metric tonnes and will produce rods, wires and conductors for countries such as South Africa, Namibia, Zimbabwe, Kenya, Tanzania and Nigeria.
"It's a strategic decision because Africa is a priority market for our group," managing director Hamid Al Zayani said.
"Mozambique is an excellent platform for us to serve key markets in Africa."
Mozambique, which is recovering from years of civil unrest, has some of the fastest economic growth rates on the continent and hopes to harness its vast natural gas reserves to become a leading liquefied natural gas exporter.
The government expects growth of 7.5 percent in 2015, similar to expansion in the previous year.
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