Coega ready for Alcan, awaits word

Posted On Monday, 02 February 2004 02:00 Published by eProp Commercial Property News
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South Africa's largest industrial development zone (IDZ), the Coega IDZ outside Port Elizabeth, is "ready" if and when Canadian aluminium giant Alcan makes up its mind over the US$2.2bln aluminium smelter project originally agreed by Pechiney to be located there, before Pechiney's takeover by Alcan late last year.

 

Property-Housing-ResidentialIn a presentation in Port Elizabeth, Coega Development Corporation  (CDC) executive manager Eugene Heeger said; "The site is ready for Alcan - everything is in place and ready for them. Alcan has visited here and been fully briefed by ourselves and by Pechiney and we are now waiting on the decision from the Alcan board."

Heeger stressed he had no idea when the much-anticipated decision by Alcan would be made. If it does go ahead, the smelter project would represent the largest single foreign direct investment ever made in South Africa.

He also stressed that the project was not key to the viability of the Coega IDZ as a whole.

"Coega can be seen as a series of investment projects, all of which involve large amounts of funds and take years to complete. The smelter is part of a broad-based basket of opportunities and the feasability of Coega will be seen over time. The challenge for us is to go and fill 11,000 acres of land with tenants," he said.

Last modified on Thursday, 26 June 2014 19:05

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