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LNDC enters into partnership with local farmers and a Chinese Investor


For Immediate Release 22nd June, 2012

The Lesotho National Development Corporation (LNDC) today signed a Memorandum of Understanding (MoU) with Lesotho National Wool and Mohair Growers’ Association and Ningbo ETDZ Holdings Ltd, a state-owned Chinese government enterprise towards a joint establishment of a M25 million Wool Scouring Plant in Lesotho during 2012.

Mr. Joshua Setipa, signed on behalf of LNDC, Mr. Lefu Lehloba signed on behalf of the Wool and Mohair Growers’ Association while Mr. Albert Li signed on behalf of Ningbo ETDZ Holdings. In terms of the MoU a company will be registered in the next coming three days in which the three partners will take shareholding of 55% by Ningbo, 26% by LNDC and 19% by the wool and mohair growers.

Ningbo will prepare and send a design of the factory building to LNDC within the next two weeks and proceed to order machinery for the project. LNDC will immediately draft a detailed agreement and start preparations for construction of the factory shell within a week after receiving the designs.

CEO Joshua Setipa says, “Lesotho does not fully benefit from its wool and mohair production due to lack of capacity to process the greasy wool to high quality raw material required by the textile industry in world markets”. The wool scouring processing plant will remove grease, weeds, soil and other impurities from the greasy wool produced by the growers leaving it clean for further industrial use.

“This project will adopt the most advanced raw wool scouring machine in the market with the ability to process 8000 tons of greasy wool annually using appropriate techniques and advanced technology”, Setipa says.

The impact of the project on sustainable economic development of locals will be realized through job creation at the factory and spin-off jobs from quality sheep breeding, increased quantity of wool and mohair as well as skills development.

About NINGBO ETDZ HOLDINGS:
It is a state-owned Chinese government enterprise founded in 1986. It has been ranked among 500 largest import and export enterprises in China for consecutive years since its establishment...[Read More]

About LESOTHO NATIONAL WOOL & MOHAIR GROWERS’ ASSOCIATION:
The Association was registered in 2001 and produces wool and mohair for export to Port Elizabeth in South Africa. It has a membership of 27,130 wool and mohair growers.

About LNDC:
The mandate of the LNDC is to initiate, promote and facilitate the development of manufacturing and processing industries, mining and commerce in a manner calculated to raise the level of income and employment in Lesotho. The development finance institution also has a role to promote Lesotho as an attractive investment location and destination for both foreign and indigenous investors.
 

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Knit Fabric Mill
Lesotho’s garment industry produces approximately 90 million knitted garments a year...
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Assembly of consumer electrical and electronic appliances
Opportunities exist in the production of a wide range of finished goods from manufactured parts or subassemblies...
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