Sinosteel Signs Agreement to Invest $1bn in Zimbabwe

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Entrprise Television- Sinosteel Signs Agreement to Invest $1bn in Zimbabwe

China’s Sinosteel is to invest $1 billion in Zimbabwe to construct a power plant and increase ferrochrome output, President Emmerson Mnangagwa has disclosed.

“We will continue to review our process to facilitate investment inflows as well as ease of doing business,” Mr. Mnangagwa said after signing an investment agreement with the Chinese firm.

According to Sinosteel President, Andong Liu, the firm plans to build a 400 MW coalbed-methane-fired power plant in western Zimbabwe, as well as 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.

Mr. Liu also said he saw ferrochrome output from Zimasco at 500 000 t/y in ten years’ time.

Mr. Mnangagwa, who came to power in November last year after a de facto military coup ended Robert Mugabe’s 37-year rule, has promised to restore the Southern African country’s economy by opening it up to foreign investors.