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Zimbabwe and China inks USD 1 billion pact for setting up steel plant

Zimbabwe and China on Monday signed a USD 1 billion Memorandum of understanding for establishing a steel plant that can produce up to 2 million tonnes of steel per annum. Permanent Secretary in the Ministry of Mines and Mining Development Munesu Munodawafa told Xinhua that the deal includes establishment of a 600 MW thermal power station to supply power to the steel plant that will be based in the Midland Province of Zimbabwe. He said feasibility studies for the project will start on July 1 followed by a roll-out plan.

The project is being spearheaded by a subsidiary of Chinese firm Tsingshan in Zimbabwe, Afrochine, which is already into ferrochrome production.

Mr Munodawafa said that “We anticipate that when it’s fully operational, this project will create up to 3,000 permanent jobs and produce up to 2 million tonnes of steel per year over the life of the project which we have put at about 25 years.” 

He said that “Tsingshan is one of the top five producers of stainless steel in the world. We believe we have chosen the best and we believe we will get the best out of them.
Source : XINHUA
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