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Minister of Mines and Mining Development Honourable Winston Chitando last night signed a win-win mega steel deal on behalf of President Dr Emmerson Dambudzo Mnangagwa’s Second Republic Government with the chairman of Dinson Holdings, the local subsidiary for Tsingshan, Mr Chen Shangsong, signing on behalf of Tsingshan Holdings.
Zimbabwe’s Minister of Mines Hon. Chitando said, “The coming of investors into the sector meant that Government’s engagement and re-engagement policy was bearing fruit.
Chitando added that, “The Addendum provided an increased production output which is set to transform the country’s economy.”
Group general manager of Tsingshan Holdings, Benson Xu commended the Head of State and Government and Commander in Chief of the Zimbabwe Defence Forces President Mnangagwa, “For his visionary leadership, which he said was set to improve the country.
Xiang said, he was, “Aware that power was one of the bottlenecks in implementation of projects hence he was exploring solutions to end the challenge.
This colourful event was attended by Cabinet ministers, legislators, captains of industry and senior Government officials with the Global steel giant showing confidence in Zimbabwe.
The country welcomes more investors from across the globe for win-win outcomes such as the development of the country’s rich mineral resources, and this multi-billion-dollar steel mills and steel industry in Mvuma, President Mnangagwa also confirmed last night as he witnessed the steel deal being expanded by Chitando’s signature and that of his counterparts.
This mega steel project being implemented by global steel giant Tsingshan Holdings Group of China in Manhize, will accelerate sustainable economic development, accelerate social development by creating large numbers of new jobs, and help the regional and continental modernisation and industrialisation agenda.
Despite being night time, an Addendum to the Memorandum of Understanding between the Government and Tsingshan Holdings was signed in the presence of the President to further develop and expand the mining operations, including expansion into lithium and the setting up of cement works.
Other than the Dinson Iron and Steel Company, the centrepiece of the investment, Tsingshan already owns Afrochine, which produces ferrochrome in Selous, runs a coke plant in Hwange, is building a power station in Hwange area, is developing the iron ore mines near Manhize and is now involved in a joint venture to extend the core national grid from Sherwood near Kwekwe to Mvuma to ensure the steelworks can receive the power it needs.
President Dr. Mnangagwa Outlined the scope of the addendum, saying it provides for the development and expansion of mining as well as other related projects. The Government signed an initial MoU with Tsingshan Holdings on 11 June 2018 for the establishment of the carbon steel plant in Manhize, which has become one of Tsingshan
“Additionally, the Addendum to the Memorandum of Understanding, commits the partners to work more concertedly towards the realisation of our collective development oriented goals, for win-win outcomes. These include, the development of Zimbabwe’s rich mineral resources endowments towards a higher quality of life for our people,” said President Mnangagwa.
“To date, the company has footprints in a number of projects which include the production of high cation ferrochrome and coke, among other projects in Mashonaland West and Matabeleland North and Midlands.”
“Through the Addendum to the founding Memorandum of Understanding, Tsingshan Holding Group is set to expand its current operations. This will see the company embark on the production of cement and lithium concentrates as well as scaling up coke and ferrochrome production, among other mining and mineral processing projects,” said President Mnangagwa.
“Zimbabwe remains ‘open for business’ and the Second Republic stands ready to welcome more investors across all sectors of the economy.
“It is encouraging that Tsingshan Holding will be producing steel enough to satisfy local and regional markets as well as for exporting to international markets.
“Hence, the development of the steel industry in Zimbabwe is set to contribute to the built environment, while giving impetus to accelerated sustainable socio-economic development. Furthermore, the establishment and growth of Tsingshan Holding Group will help drive the regional and continental modernisation and industrialisation agenda.”
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