Egypt to build $2.7bln aluminium smelter

An Egyptian company is planning to build a smelter at a cost of nearly $2.7 billion to cater for the local and foreign markets, its chief was quoted on Friday as saying. 

The Egyptian Company for Metal Constructions (Metalco) is negotiating with a potential partner for the 600,000-tonne project, its CEO Mohammed Al-Saadawi said. 

He was quoted by the Arabic language daily Addustour as saying the Company is studying two possible sites for the project including the Northern Port Said and the “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.