https://www.engineeringnews.co.za

Sinosteel to invest $1bn in Zimbabwe, lift ferrochrome output

15th May 2018

By: Reuters

  

Font size: - +

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.

Edited by Reuters

Comments

Showroom

Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 
Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.1 0.155s - 175pq - 2rq
Subscribe Now