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A delegation from Chinese steelmaker Delong Steel was partnering with one of Zimbabwe’s largest mining companies, Kubimba Mining House (Kubimba), this week to seek investment opportunities in a bid to revive Zimbabwe. The defunct Zimbabwe Steel Company (Ziscosteel).
The delegation, led by the company’s founder and billionaire Ding Liguo, is looking for opportunities in the mining sector. The delegation is looking for the possibility of setting up a steel factory in the country.
Delong Steel’s president, Lv Yuhang, told NewsDay Business that the company’s technical team will soon be in the country for further discussions.
“We are aware of the mineral potential of this country and have met with a number of authorities with a view to considering mineral resources such as iron ore. We are also considering asking for it,” said Yuhang.
“Our impression of the environment in Zimbabwe is positive and we are considering sending a technical team there soon. The investment interest is there and we are looking at a number of opportunities.” .”
Kuvimba recently signed a multi-million dollar investment deal with the government to revive the dying Ziscosteel.
Earlier this month, President Emerson Mnangagwa held a groundbreaking ceremony at the Dinson Steel Works in Mannheis, Midlands. This is another project in China.
The US$1 billion project, run by Chinese company Qingshan, is expected to produce 2 million tonnes per year and is expected to create 10,000 jobs.
In 2019, the government set a revenue target for the mining sector of US$12 billion by 2023. In 2021, the mining sector’s export earnings reached US$5.2 billion.
This sector accounts for about 12% of the country’s gross domestic product.
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