22 July 2011
Hong Kong-based commodities trader Noble Group and South African empowerment company Altius Investment Holdings have jointly invested in the construction of a new oilseed processing plant in Mpumalanga province.
The Noble Group, which has its primary listing on the Singapore Stock Exchange, manages a global supply chain of agricultural and energy produces, metals and minerals, and operates from over 120 offices in 40 countries.
“The two shareholders, Noble Resources and Altius, both see this investment as an asset to complement their existing businesses and simultaneously providing something value added and unique to both customers and suppliers alike,” the companies said in a statement this week.
The project has been fast-tracked with the support of the national, provincial and local government in terms of securing land and obtaining service-related approvals key to the project.
Managed by Noble Resources South Africa, the multi-million rand state-of-the-art plant will be the facility with the largest crushing capacity in the country.
It will process soya beans and sunflower seeds to produce edible oil and feedstock, with the raw materials primarily sourced from the local and surrounding areas, providing a much-needed market for farmers.
“The factory itself will employ and train approximately 150 personnel to operate and manage the facility, with indirect job opportunities to the region and ancillary businesses that could be in excess of 4 000,” the statement read.
Altius is a black economic empowerment (BEE) investment holding company centered on commodity businesses, but is also involved in the technology and financial sectors, using its successes to improve social conditions for disadvantaged Cape Town communities.
Would you like to use this article in your publication or on your website? See: Using SAinfo material