El-Sewedy Cables delays smelter project

21 October 2008
Egypt’s El-Sewedy Cables has announced it will delay a planned copper smelter project as a result of current market conditions.

"Given the current market conditions, we can achieve better returns on our investments in other projects that we are working on," said Ahmed El-Sewedy, chief executive officer of the company, in a statement on 21 October.

El-Sewedy added that the company could build the project much more cheaply a year from now.

The company announced plans to build the $850m copper smelter in Ain Sokhna on the Red Sea coast in June 2007.

The plant will have a capacity of 300,000 tonnes a year of copper cathodes.

El-Sewedy Cables is one of the largest cable producers in the Middle East.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications