09 April 2019
The Richards Bay Industrial Development Zone (RBIDZ) has welcomed the announcement of an investment of $463million into Richards Bay Minerals (RBM).
Such good news is stamp of approval and firm confirmation that foreign investors are choosing Richards Bay as a destination for investment. Strategically located along the Indian Ocean, Richards Bay boasts excellent infrastructure required by any foreign investor.
Last night, Rio Tinto, the international holding company for RBM announced that it had approved the next stage in the development of RBM in South Africa. This would involve the construction of the Zulti South project that would sustain current capacity and also extend mine life.
Recently, during the National Special Economic Zones Conference, the MEC for Economic Development, Tourism and Environmental Affairs, Sihle Zikalala said the provincial government is attracting investments into economic zones. He further pointed out that since the launch of RBIDZ few years ago, more than R11,9 billion of investments have been signed representing different key sectors of the economy.
Rio Tinto Energy & Minerals Chief Executive Bold Baatar said “RBM is an outstanding business, South Africa’s largest mineral sands producer and, equally importantly, a fully beneficiated metallurgical complex. We not only mine, but produce value-added products for customers around the world.
He further pointed out: “we are proud of the value we create, and retain, in South Africa. This is underscored by our position as KwaZulu Natal’s leading taxpayer, paying $79 million in taxes and royalties in 2018 alone.”
Critically, he stressed: “Our investment in Zulti South will ensure we maintain our contribution to the province and our partner communities. We want to recognise the support from the Government of South Africa, the KwaZulu Natal provincial leadership and, most importantly, the invaluable support of our host communities – Mbonambi, Sokhulu, Mkhwanazi and Dube – in securing the future of this world-class business.”
Issued by the Richards Bay Industrial Development Zone
Ms Choice Sihiya
Stakeholder & Communications Management