One Billion USD stainless steel plant set for Mvuma

By Davison Vandira

Zimbabwe is warming up to a one Billion United states dollar stainless steel plant which is set to be established in Mvuma by Chinese steel manufacturing giant Tsingshan.

Tsingshan holdings, which is already setting permanent bases in the country’s Hwange, Ngezi and Mvuma areas is the World’s largest producer of Nickel and Stainless steel.

The coming in of Tsingshan is a direct result of His Excellency President Emmerson Mnangagwa’s investment minded trip to China in 2018.

The consolidated mining investment by Tsingshan holdings will also come with massive value addition of the country’s minerals.

Huge furnaces for Ferrochrome production have already been constructed with the country set to witness the production of 150 000 tons of coke batteries per year.

The company’s iron ore and carbon steel plant which will also include the production of Fluorite and Limestone will be the largest in the Sub Saharan region.

Former Zimbabwe top diplomat to China, Ambassador Christopher Mutsvangwa who is familiar with the company’s operations explained in detail how the steel giant’s presence will fast track the attainment of Vision2030.

“Tingshan is a renowned company churning out 10 billion United States dollars every month through its diversified operations and their coming into Zimbabwe is a game changer for the county with respect to Foreign Direct Investment and confidence building. Zimbabwe is set to be the centre of attraction through this massive steel production that will have positive spin offs to the whole economy.”

The deal has also received buy in from the private sector particularly the Zimbabwe National Chamber of Commerce which is satisfied that the Tsingshan investment is a masterstroke as it will come with multiple socio economic benefits to the country’s well being.

“This is one of the best investments the country will ever witness in a long time, that should be given the respect it deserves because definitely the country is going to reap huge benefits ranging from employment creation and foreign currency generation,” ZNCC CEO Mr Christopher Mugaga said.

The country’s import bill is currently congested by steel related products which will be eliminated once mining operations get underway.

Besides fostering local economic linkages, the investment will also support other unrelated sectors of the economy.

The post One Billion USD stainless steel plant set for Mvuma appeared first on ZBC NEWS.

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