Chinese stainless steel giant, Tsingshan Global Holdings is continuing to grab more mining-related projects with more furnaces on the way.
Information Minister Monica Mutsvangwa yesterday revealed that the Chinese firm signed a Memorandum of Understanding with the government of Zimbabwe for investment in mining projects towards the production of stainless steel.
Mutsvangwa said, “Tsingshan, through its subsidiary Afrochine, constructed two additional ferrochrome furnaces in 2020, and will construct additional furnaces in May 2021.”
“The ground breaking ceremony for the iron ore mine and carbon steel plant is scheduled for May 2021 in Manhize, Mvuma. A fluorite and limestone production plant will soon be set up.”
Government opened opportunities for Tsingshan into energy production and lithium concession.
The lithium concession for value addition will also make Tsingshan the second company in Zimbabwe to process carbonates for batteries.
The government MoU signed in June 2018 provides Tsingshan to construct a 600 MW power plant in energy production.
By 2019, the Chinese firm was already undertaking resource evaluation for coal, chrome and nickel.
The MoU with Tsingshan falls into Zimbabwe’s intention to achieve a US$12 billion mining industry by 2023.
Chinese firms have been investing in Zimbabwe, a country that was shunned by investors due to the indigenisation policy.