Steel factory earmarked for Tete

Production at a new steel
factory in Tete is set to start
in January 2020, according to
the western Mozambican region’s
provincial governor, Paulo Auade.
He said the new factory – with
the capacity to produce 500 000
tonnes of steel bars annually
– will be built in the Revobue
Industrial Free Zone, which is
located on the border between
Moatize and Chiuta districts.
A local representative of the
United Kingdom-based Baobab
Resources, Capitol Iron and
Steel, has committed to investing
US$770 million dollars in the
Tete Iron and Steel Project.
Baobab owns the majority share
(87%) while the International
Finance Corporation (IFC) holds
a 13% share.