If all goes to plan, construction on the project will begin next year.
During President Xi Jinping’s state visit this week, Chinese investors signed agreements to build a R132 billion ($10 billion) metallurgical complex in South Africa.
The complex, which is still in the early planning stages, will include the construction of a stainless steel plant, a ferrochrome plant and a silicomanganese plant. Experts believe the planned project to be a much-needed vote of confidence in the struggling South African economy.
According to Reuters, the plan is to begin construction next year.