The Industrial Development Corporation and the National Empowerment Fund are working with US-Russian consortium Magnesium and Metals to build a US$1.2-billion (about R9.2-billion) rare metals refinery in South Africa.

According to a statement by the IDC, the plant will be used to beneficiate the country's natural ores, which are currently mostly exported in raw form. Once complete, it will be the world's first integrated titanium-zirconium-magnesium-silicon plant.

The partners have set aside R40-million for a pre-feasibility study, to be conducted by SMW Engineering, a Russian company that carries out research and engineering activities in the field of magnesium, zirconium, titanium and rare earth metals' production and related technologies.

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