Namibia's first cement plant, and Africa's largest and most modern, was formally opened (September 2010, Economic performance) in February by the president, Hifikepunye Pohamba. Mr Pohamba said that the government expected the Ohorongo plant, near Otavi in north-central Namibia, to have "a multiplier effect in terms of employment creation and service industries". Some 300 Namibians are directly employed at the plant, which will also create some 2,000 indirect jobs and substantially boost manufacturing real value added in 2011-12. Ohorongo, which cost N$2.5bn (US$360m) to build and commission, is 60%-owned by Germany's Schwenk Zement and will reach full output of 700,000 tonnes/year early in 2012. According to Ohorongo Cement's managing director, Hans-Willem Schütte, initial production is for the local market and Angola-Namibia's 380,000 tonnes/year annual demand will be fully supplied in 2011.