Global metal giant Tsingshan expands investments in the country

By Online Desk |  2 months ago | top

Zimbabwe continues to edge closer to becoming a regional powerhouse in iron and steel production with one of the global investors in metal Tsingshan signing an agreement to expand its investment portfolio in the country.

Yesterday, the company signed a memorandum of understanding with government to increase production at its ventures in the country which include the recently commissioned Dinson Iron and Steel company in Midlands province as well as other chrome and coke plants in Mashonaland West and Matabeleland South provinces.

Speaking during the signing ceremony at State House in Harare last night, President Emmerson Mnangagwga said Zimbabwe is in the verge of restoring its former glory as a steel production giant.

Under the new deal, Tsingshan which targets to produce up to five million tonnes of carbon steel and coke per year will also venture into copper and cement production as well as establish a lithium plant in the country.

The deal will edge Zimbabwe's mining sector into a multi-billion-dollar industry by 2025 in line with set goals for economic development outline in the National Development Strategy One.