Sandton-based titanium firm Nyanza Light Metals, led by South African businessman Donovan Chimhandamba, has secured 75 million in financing from the African Development Bank Group AfDB as it moves to scale up titanium-processing operations and advance industrial growth in Africa.
The financing package includes 25 million from the Africa Growing Together Fund AGTF, a co-financing initiative between the African Development Bank and the Peoples Bank of China. It is earmarked to support Nyanzas development, construction and operations of an 80,000-tonne-per-year titanium-dioxide pigment manufacturing facility within the Richards Bay Industrial Development Zone. The plant will process locally and regionally sourced titanium ores into higher-value pigment for various industries.
Nyanza plant to boost local titanium output