U.S. company Rocksenergia and TRASS for Industrial Investments Company, the developer of the Elmreisa Free Zone (EFZ), signed last Wednesday (10 June) the first agreement for an American company to operate in Benghazi's EFZ.
The signing took place in the presence of the Chairman of the National Development Agency (NDA), Jibril Al-Badri, a team from the US Embassy, and the President of the American Chamber of Commerce in Libya (AmCham), Debbie Hirst.
The US Embassy indicated in a statement on its social media site Wednesday, that Rocksenergia will establish a smelter to produce high-purity antimony, which will strengthen supply chains for the local market.
This new project coincides with the reconstruction, development, and infrastructure improvements underway in Benghazi.
A landmark project
AmCham Libya President, Debbie Hirst, told Libya Herald that this is a landmark project, representing the first project at the EFZ, the first major project in the mineral processing sector in Libya, and a significant investment for a U.S. company in Libya.
Hirst said that Rocksenergia is now in the construction phase of the antimony smelter. It added that as an indication of the importance of the project, Mike LaRocque, Economic and Commercial Officer at the U.S. Embassy to Libya, was present to show the support of the U.S. Embassy.
Other participants included the Chairman of the National Development Agency, which is the owner of the EFZ, the Chairman of the Privatization and Investment Board and the General Manager of the National Mining Corporation.
EFZ
EFZ said the project aims to produce high-purity antimony, a vital and strategic mineral in increasing global demand, supporting reliable and resilient supply chains for critical minerals and opening up new horizons for value-added manufacturing and mining industries.
It added that the participants stressed that this project represents an important milestone in the development of the EFZ and attracting foreign direct investments, as well as reflecting the growing confidence in the Libyan investment environment, especially in the promising industrial and mining sectors.
The EFZ said that, in Benghazi, it is one of the strategic economic zones in Libya, where the investment projects it incubates are expected to contribute to enhancing economic activity, diversifying sources of national income, and supporting sustainable development efforts and job creation.