JOHANNESBURG (From news reports) - South Africa's Sappi will invest 7.7 billion rand ($570 million) to expand and upgrade its Saiccor Mill near the port city of Durban, the pulp and paper producer said on Monday.
"The investments include a 2.7 billion rand capacity expansion project and a planned 5 billion rand over five years in various continuous improvement initiatives and upgrade projects," the company said in statement.
Production at the mill will be boosted to 890,000 tonnes a year from 780,000 tonnes.
"Sappi has seen significant benefits in serving its global customers from its South African operations," Chief Executive Steve Binnie said.
Sappi is an important player in the national economy, earning around 1 percent of South Africa's total foreign revenue, with the majority of this coming from Sappi Saiccor.
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