Page 6 - AsiaElec Week 40 2022
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Zimbabwe starts building $1bn
Chinese-backed iron mining plant
CHINA ZIMBABWE’S President Emmerson Mnan- broad range of value-added, ‘Made in Zimba-
gagwa has broken ground at a site where a unit bwe’ iron and steel products, for both local and
of China’s Tsingshan Holding Group is building international markets.”
a $1bn iron ore mining and steel manufacturing Work on the first phase to produce 600,000
plant. tonnes of carbon steel yearly is now at 25%
The 10mn tonnes/year project by Dinson completion and expected to be finished by
Iron and Steel Company (DISCO) is situated at October 2023. Tsingshan is already producing
Manhize in central Zimbabwe. ferrochrome and coking coal at other sites in the
At the ceremonial event on October 6, Mnan- country.
gagwa described the project as a paradigm-shift- Zimbabwe has not been producing steel since
ing milestone to employ up to 10,000 people, government-owned ZiscoSteel collapsed in 2008
bring about the development of a smart city and under the weight of huge debts and operational
a railway line linking the mine to a seaport in challenges. Official data shows that the country
neighbouring Mozambique to the east and the imported steel products worth $400mn in 2021.
Democratic Republic of Congo (DRC) to the Mines minister Winston Chitando said the
northwest. economy stands to earn $10bn throughout DIS-
“Through this investment, our country will CO’s estimated 100-year life of mine.
now host one of the largest iron and steel manu- “This park will process 10mn tonnes of car-
facturing plants on the continent,” the Chronicle, bon steel annually which at today’s price, we are
a state-owned daily, cited him as saying on Fri- talking of $10bn per annum,” he said, accord-
day (October 7). ing to Mining Zimbabwe, an independent
“It’s expected to produce about 600 000 tons publication on Friday. “Also we are witnessing
of steel per annum, over and above other related phase one of the park which is producing over
products. It’s envisaged to leap-frog us to emerge 600,000tonnes of carbon steel by the third quar-
as a dynamic industrial hub, churning out a ter of next year.”
P6 www. NEWSBASE .com Week 40 05•October•2022
