Zim executive leads US$870m deal

The African Export–Import Bank (Afreximbank) has reaffirmed its critical role as a catalyst for Africa’s industrial and trade development, including a US$870 million titanium project in Richards Bay, South Africa, led by a Zimbabwean-born executive.

The Cairo-based Afreximbank recommited and consolidated its positioning as the leading pan-African financial institution during the recent Africa Investment Forum Market in Rabat, Morocco, saying it will drive industrialisation and intra-African trade by supporting the
Johannesburg-based Nyanza Light Metals Proprietary Limited’s titanium project in Richards Bay in KwaZulu-Natal, South Africa.

Nyanza is led by a Zimbabwean-born chief executive Donovan Chimhandamba (left on the above picture)
The Africa Investment Forum took place from 4-6 December in Rabat.

This year’s theme was “Leveraging Innovative Partnerships for Scale” and it underscored commitment by partners to drive transformative investments across Africa through strategic collaborations.

The investment forum is a multi-stakeholder and multi-disciplinary platform that advances projects to bankable stages, raises capital, and accelerates deals to financial closure.

The forum’s founding partners include African Development Bank, Afreximbank, Africa Finance Corporation, Africa50, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank, and Trade and Development Bank.

Afreximbank, a partner, is a key financial provider to African governments and private sector businesses in support of inter-African and Caribbean trade.
During the investment forum a crucial boardroom session was held at Hotel Sofitel Jardin des Roses in Rabat.

At the session, Afreximbank reaffirmed its role as a “catalyst for Africa’s industrial and trade development”.
The bank co-chaired a pivotal discussion on Nyanza, a transformative project set to establish Africa’s first fully integrated titanium processing plant.

Located in the Richards Bay Industrial Development Zone in KwaZulu-Natal, South Africa, the facility will produce 80 000 tonnes per annum of sulphate-based titanium dioxide (TiO2) pigment.

South Africa is one of the world’s largest producers of titanium, the second largest after China, and the largest on the African continent.

Besides South Africa, other key titanium-producing African countries are Mozambique, Kenya and Sierra Leone.

Africa produces 20% of the world’s titanium.

The continent’s titanium deposits have the potential to contribute significantly to Africa’s GDP and meet the growing global demand for titanium.

South Africa’s titanium value chain is fragmented, with the country only involved in four commercial stages.

It exports its extracted minerals in a relatively raw form, and imports melted products and powder to produce titanium parts.

That is why the Nyanza value addition project is critical.

Titanium is as strong as steel but much less dense; 45% lighter.
It is therefore important as an alloying agent with many metals including aluminium, molybdenum and iron.

These alloys are mainly used in aircraft, spacecraft and missiles because of their low density and ability to withstand extremes of temperature.

The groundbreaking Nyanza initiative, supported by Afreximbank as Co-Mandated Lead Arranger, seeks to raise US$ 508 million following a successful de-risking process.

Nyanza is now moving closer to implementation and is poised to stimulate industrialisation, boost export development, and enhance intra-African trade by supplying neighbouring countries in the southern African region.

The boardroom session, co-chaired by Albert Nyakujarah, Manager, Project & Asset-Based Finance (Extractives), Project & Asset-Based Finance (PABF) at Afreximbank and facilitated by Amr Roshdy, MBA, Analyst, Project Preparation Finance, received enthusiastic massive interest from stakeholders, underscoring the significance of the project.

The session had members of the Afreximbank delegation, including Zitto Alfayo, Babajide Bode-Harrison, Ama Amoah, Janice Costa, Amir Bodylawson and Assane Djanikro.

Chimhandamba, whose Diaspora Infrastructure Development Group was prevented by the Zimbabwean government from implementing the National Railways of Zimbabwe (NRZ) US$400 million recapitalisation project in 2019 due to corruption by senior Harare state officials and their cronies, also attended the session.

After being blocked from the NRZ US$400 million deal by the Zimbabwean government, Chimhandamba and his team, as well as stakeholders managed to mobilise US$870 million for the titanium project in South Africa.

As the first project on the continent of its kind, Nyanza’s titanium initiative represents a major step toward unlocking Africa’s potential in advanced manufacturing, creating jobs, and strengthening the continent’s position in global value chains.

Afreximbank remains at the forefront of initiatives that drive sustainable economic growth and foster Africa’s industrial and trade ambitions.

Newshawks