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Ethiopian Investment Holdings (EIH), the largest sovereign wealth fund in Africa, announced that it has signed a preliminary agreement with Rusal to develop a large-scale aluminum smelter plant in Ethiopia.

The proposed plant is planned to achieve an annual production capacity of 500,000 metric tons. The first phase of the project is estimated to cost approximately US$1 billion and is expected to take three to four years to complete, with an expected operating lifespan of up to 50 years.

EIH said that preliminary activities, including site identification and a comprehensive feasibility study, are currently underway to ensure timely progress. This investment is intended to support Ethiopia’s industrial development goals by establishing a large-scale domestic aluminum production capability.

Rusal chose not to provide any comments regarding the agreement.