What's Happening?
South32's Hillside Aluminium subsidiary has partnered with the Automotive Industry Transformation Fund (AITF) and the Department of Trade, Industry and Competition (dtic) to provide R200-million in concessional
financing to Bingelela Alloys in Richards Bay, South Africa. This funding will support the production of rim alloys, enabling Bingelela Alloys to purchase new furnaces and relocate its casting line. Hillside Aluminium supplies liquid aluminium to Bingelela Alloys, which is used in products for major automotive manufacturers like BMW and Toyota. The investment aims to enhance production capabilities and sustain the growth of South Africa's downstream aluminium industry.
Why It's Important?
The investment by Hillside Aluminium is crucial for the sustainability and growth of South Africa's aluminium manufacturing sector. By supporting Bingelela Alloys, the initiative helps maintain local jobs and strengthens the supply chain for automotive components. This collaboration between the private sector and government exemplifies strategic efforts to drive industrialization and economic prosperity. The funding will enable Bingelela Alloys to improve production efficiency and competitiveness, contributing to the localization of automotive components and the beneficiation of minerals critical for new energy vehicles.
