China’s CITIC Group Corporation is investing US$40 million on an aluminium factory in Angola. The plant will serve domestic demand and also export its products reported this week Portuguese news agency Lusa.

The investment deal was sealed on May 18 between CITIC and Angola’s Technical Unit for Private Investment (UTIP), a special government agency for the implementation, evaluation and negotiation of private investment projects.

The factory, located in Luanda, the capital of Angola, is expected to create jobs for 300 locals and 50 foreigners, the report said. The plant is capable of recycling scrap aluminium so that it can be used again.

The plant would able to export annually between 500 and 1,000 tons of aluminum.