Metalco plans to build an aluminium smelter at $2.7 billion; already corresponding with investment partners
According to a report on April 14, 2023, the Egyptian company for Metal Construction (Metalco) is contemplating building a smelter to meet local and overseas demand, its chief said in a statement on Friday.
The project will cost about $2.7 billion for building a capacity of 600,000 tonnes, said Metalco’s CEO Mohammed Al-Saadawi.
As per the report, the company is currently negotiating with a potential partner for the project. Arabic Daily Addustour quoted CEO saying the company is evaluating two possible sites for the smelter – the Norther Port Said and Golden Triangle economic zone on the Eastern Red Sea flank of Egypt.
“We expect to reach an agreement for the project soon…investments in this project are estimated at $2.7 billion and there are many ways to secure funding,” Saadawi said without identifying that partner.
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