Sinosteel to invest $1bn in Zimbabwe, lift ferrochrome output
China's Sinosteel Corporation has agreed to invest $1-billion in Zimbabwe to build a power plant and increase ferrochrome output, the Southern African country's President Emmerson Mnangagwa said on Monday.
Sinosteel president Andong Liu said the Chinese firm planned to build three additional furnaces at its majority-owned Zimasco business, which would raise ferrochrome output by 120 000 t over the next five years to 300 000 t/y.
Andong said he saw ferrochrome output from Zimasco at 500 000 t/y in ten years' time.
Sinosteel also plans to build a 400 MW coalbed-methane-fired power plant in western Zimbabwe, the firm's president added at a news conference with Mnangagwa.
"We will continue to review our process to facilitate investment inflows as well as ease of doing business," Mnangagwa said after the signing of the investment agreement.
Mnangagwa, who came to power in November after a de facto military coup ended Robert Mugabe's 37-year rule, has promised to rebuild the economy by opening it up to foreign investors.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation