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Chinese steelmaker Tsingshan

seals deal to expand operations in

Zimbabwe to include lithium

CHINA A Chinese steel giant Tsingshan Holding Group as well as scaling up coke and ferrochrome pro-
(Tsingshan) has signed an agreement with Zim- duction among other mining and mineral pro-
babwe’s government under which the company cessing projects in Zimbabwe.”
will set up lithium mining and processing oper- Chinese firms Zhejiang Huayou Cobalt,
ations in the country. Sinomine Resource Group and Chengxin Lith-
The two parties have enhanced the scope of ium Group have invested a combined $678mn
an earlier agreement under which Tsingshan is towards acquiring and developing lithium assets
building a $1bn iron ore mining and steel pro- in Zimbabwe.
duction facility in central Zimbabwe, Reuters Reports say the country has the largest hard-
reported on Wednesday (November 30). rock lithium reserves in Africa and among the
Apart from the steel project, Tsingshan runs top five globally.
a coking coal plant and ferrochrome smelter in The newly announced deal will see Tsingshan
Zimbabwe. increase its stainless steel and coke production in
President Emmerson Mnangagwa and Tsing- Zimbabwe to 5mn tonnes for each commodity
shan’s founder, Chinese tycoon Xiang Guangda, annually. Mnangagwa, according to Reuters,
witnessed the signing of the outline agreement further noted that Tsingshan would also help
in Harare. refurbish the country’s railway system, which has
“Tsingshan Holdings Group is set to expand suffered years of poor maintenance and under
its current operations,” the president is quoted as investment since the economic crisis started in
saying. “This will see the company embark on the 2000.™
production of cement and lithium concentrates,

Week 48 29•November•2022 www. NEWSBASE .com P11