A secret state report has concluded there was no justification for the siting of a new stainless steel plant at Coega, the deepwater harbour and industrial development zone near Port Elizabeth, government sources said at the weekend. Commodity stocks took a battering last week, with even the hardiest of the blue chips falling by significant margins. Traders ascribed the wilting of the equities to a profit warning issued by Alcoa, the world's largest aluminium producer. A symbol of successful investment and construction, the Mozal aluminium smelter in Mozambique is expected to attract further foreign investment and industry to the country, and even possibly to the region. Mozal alone will boost Mozambique's export earnings by more than 150 percent and add about seven percent to the country's gross domestic product.
Today marks the beginning of a new era in South Africa's financial world.
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