2 foreign firms eye $270M sodium cyanide factories in Egypt
Updated 3/21/2024 12:14:00 PM
Arab Finance: The Egyptian Ministry of Petroleum and Mineral Resources and the General Authority for Investment and Free Zones (GAFI) have received offers from two companies to establish two sodium cyanide factories, with investments worth $270 million, Asharq Business reported, citing two unnamed sources familiar with the matter.
The German CyPlus is seeking to establish a project to produce sodium cyanide, with initial investments estimated at $150 million, and a production capacity of up to 30,000 tons per year, the source said.
Meanwhile, the Austrian Orica's sodium estimated the cost of its factory at approximately $120 million, with a production capacity similar to the German one.
The two firms are currently choosing the factories’ location, either Ain Sokhna or Alexandria, due to their proximity to the sources of the main raw materials used in the production of sodium cyanide.
The Egyptian Natural Gas Holding Company (EGAS) has approved the two companies’ offers to provide the quantities of natural gas required for operations.
Sodium cyanide is a colorless sodium salt. It is used in processing and extracting gold from rocks, in addition to limited uses in the leather and tanning industry.
Related News
