Bank of America (NYSE:BAC) has been named lead on the attempt by South Africa Metals Equity Ltd to raise capital to invest in a pig iron plant in the country.
South Africa Metals said they will probably invest about $300 million to build the pig iron plant.
A feasibility study is now under way, which should be completed by the second quarter of 2011, said Chairman Donovan Chimhandambi. After that the raising of capital to fund the project will begin, which should take about six months to raise.
Once production begins, Chimhandambi said the plant should be able to produce close to 500,000 tons of pig iron annually.
Production is scheduled to being near the latter part of 2013.
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