Chronicle reported that Kuvimba Mining House, which has entered into a deal with Redcliff Zimbabwe based Ziscosteel to spearhead the resuscitation of the defunct steel plant, has hit the ground running after completing the signing of all agreements and is now undertaking critical technical and financial steps to actualize the revival process. Kuvimba Mining House has already short-listed a reputable global contractor to lead the technical appraisal for the steelworks with engineers from Germany and Italy expected on the ground to lead the technical assessment of the plant. The assessment will allow Kuvimba to comprehend the technical viability of the existing works and to estimate the true size of investment that will be required to rebuild the plant. Kuvimba Mining House, which has both private and State shareholding and has been resuscitating gold mines, was chosen as the investment partner for the resuscitation of Ziscosteel by the Zimbabwe government. Zimbabwe Iron and Steel Company is the largest steel works in Zimbabwe. It is located just outside Kwekwe in Redcliff in Kwekwe District. In 1942, the colonial government founded the Rhodesian Iron and Steel Commission. It was sited at the steel plant at Redcliff, to develop the huge iron and limestone deposits nearby. In 1957, it changed its name to the Rhodesian Iron and Steel Company. Over the years the company has faced many operational problems and corruption scandals. In 2000, Ziscosteel operated without a fully constituted board. Its blast furnaces were no longer functional while its plants and equipment was now obsolete. As of early 2008, the company was producing less than 12,500 tonnes, far below the break-even capacity of 25,000 tonnes. It was wholly owned by the government of Zimbabwe, until in November 2010, it invited bidders for a 64% stake of the ZISCO group. 54% of the company is now in the hands of Essar Africa Holdings. The government of Zimbabwe still holds 36% and a consortium of private investors holds 10%. It gets iron ore from Ripple Creek mine which is about 14 kilometers from ZISCO. Up to 70 million tonnes can be mined. Up to 200 million tonnes of limestone can be found on an open cast mine which is a few meters from ZISCO. Zimbabwe also has reserves of up to 22 billion tonnes of coal. The ZISCO group of companies includes BIMCO, Lancashire Steel, Frontier Steel, ZISCO Distribution Centre. All these companies are 100% owned by ZISCO.
Chronicle reported that Kuvimba Mining House, which has entered into a deal with Redcliff Zimbabwe based Ziscosteel to spearhead the resuscitation of the defunct steel plant, has hit the ground running after completing the signing of all agreements and is now undertaking critical technical and financial steps to actualize the revival process. Kuvimba Mining House has already short-listed a reputable global contractor to lead the technical appraisal for the steelworks with engineers from Germany and Italy expected on the ground to lead the technical assessment of the plant. The assessment will allow Kuvimba to comprehend the technical viability of the existing works and to estimate the true size of investment that will be required to rebuild the plant. Kuvimba Mining House, which has both private and State shareholding and has been resuscitating gold mines, was chosen as the investment partner for the resuscitation of Ziscosteel by the Zimbabwe government. Zimbabwe Iron and Steel Company is the largest steel works in Zimbabwe. It is located just outside Kwekwe in Redcliff in Kwekwe District. In 1942, the colonial government founded the Rhodesian Iron and Steel Commission. It was sited at the steel plant at Redcliff, to develop the huge iron and limestone deposits nearby. In 1957, it changed its name to the Rhodesian Iron and Steel Company. Over the years the company has faced many operational problems and corruption scandals. In 2000, Ziscosteel operated without a fully constituted board. Its blast furnaces were no longer functional while its plants and equipment was now obsolete. As of early 2008, the company was producing less than 12,500 tonnes, far below the break-even capacity of 25,000 tonnes. It was wholly owned by the government of Zimbabwe, until in November 2010, it invited bidders for a 64% stake of the ZISCO group. 54% of the company is now in the hands of Essar Africa Holdings. The government of Zimbabwe still holds 36% and a consortium of private investors holds 10%. It gets iron ore from Ripple Creek mine which is about 14 kilometers from ZISCO. Up to 70 million tonnes can be mined. Up to 200 million tonnes of limestone can be found on an open cast mine which is a few meters from ZISCO. Zimbabwe also has reserves of up to 22 billion tonnes of coal. The ZISCO group of companies includes BIMCO, Lancashire Steel, Frontier Steel, ZISCO Distribution Centre. All these companies are 100% owned by ZISCO.
