Johannesburg, South Africa, 25 Feb – South African group Tongaat-Hulett has said it planned to invest 470 million rand to conclude projects in Mozambique to increase sugar product for export to European Union (EU) countries.
Chief executive Peter Staude said that expansion to production of 300,000 tonnes this year represented an increase in revenues of 800 million rand (around US$80 million) in the second half of the year.
Tongaat, the biggest sugar producer in South Africa after Illovo Sugar, is increasing production in countries that benefit from preferential access to the EU at top prices.
In 2008 Tongaat’s two sugar factories in Mozambique – Xinavane and Mafambisse – contributed 250 million rand to the group’s total profits, compared to 88 million in 2007. (macauhub)