Chinese company starts work on $1 bn steel project in Zim
Tsingshan Holding Group, China-based company has begun working on its $1 billion steel plant in Zimbabwe
April 22, 2019: Tsingshan Holding Group, China-based company has begun working on its $1 billion steel plant in Zimbabwe, noted Winston Chitando, Zimbabwe minister of mines and mining development. The deal was signed in June 2018 and the plant is expected to produce 2 million tonnes of steel annually.
"Tsingshan personnel are on site and they have started geological surveys. Government is working closely with them to ensure that the project takes off smoothly," he stated.
The initial target is set to produce 1 million tonnes per annum by 2022 before growing to 2 million by 2026.
According to Chitando, the project will have an economic ripple effect. "It will certainly create employment, good for import substitution, foreign currency generation and should benefit downstream industry."