Local media reported that Zimbabwe has selected state-owned Kuvimba Mining House Ltd as the investment partner to breathe new life into the Zimbabwe Iron and Steel Company, which has been shut for 14 years. Zimbabwe’s Minister of State for Presidential Affairs Mr Joram Gumbo said “The Zimbabwe Investment Development Authority, a state-owned investment vehicle, recommended the choice of Kuvimba after carrying out due diligence.”Ziscosteel group chief executive Dr Farayi Karonga said “Zisco management is thrilled that the Government has made the determination. We are now looking forward to working with Kuvimba to resuscitate steel production at Ziscosteel.”Zimbabwe government had invited bids in April 2021 from investors in a bid to bring back 1 million tonne steel plant Ziscosteel, which is located in the Midlands province, an area with vast deposits of chrome and platinum.Essar Africa Holdings, a unit of India’s Essar Group, agreed to invest up to ZWD 4 billion in Zimbabwe Iron and Steel Company in 2011 but the deal collapsed. An agreement by China's R&F to invest ZWD 2 billion in 2017 also fell apart after Harare authorities sought to renegotiate the deal.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. It suffered from a lack of experienced personnel and low level of production which meant high unit costs. In 1980, after Independence, it was renamed the Zimbabwe Iron and Steel Company. In 2000, Ziscosteel operated without a fully constituted board. Its blast furnaces were no longer functional while its plants and equipment was now obsolete. The ZISCO group of companies includes BIMCO, Lancashire Steel, Frontier Steel, ZISCO Distribution Centre. All these companies are 100% owned by ZISCO. 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.
Local media reported that Zimbabwe has selected state-owned Kuvimba Mining House Ltd as the investment partner to breathe new life into the Zimbabwe Iron and Steel Company, which has been shut for 14 years. Zimbabwe’s Minister of State for Presidential Affairs Mr Joram Gumbo said “The Zimbabwe Investment Development Authority, a state-owned investment vehicle, recommended the choice of Kuvimba after carrying out due diligence.”Ziscosteel group chief executive Dr Farayi Karonga said “Zisco management is thrilled that the Government has made the determination. We are now looking forward to working with Kuvimba to resuscitate steel production at Ziscosteel.”Zimbabwe government had invited bids in April 2021 from investors in a bid to bring back 1 million tonne steel plant Ziscosteel, which is located in the Midlands province, an area with vast deposits of chrome and platinum.Essar Africa Holdings, a unit of India’s Essar Group, agreed to invest up to ZWD 4 billion in Zimbabwe Iron and Steel Company in 2011 but the deal collapsed. An agreement by China's R&F to invest ZWD 2 billion in 2017 also fell apart after Harare authorities sought to renegotiate the deal.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. It suffered from a lack of experienced personnel and low level of production which meant high unit costs. In 1980, after Independence, it was renamed the Zimbabwe Iron and Steel Company. In 2000, Ziscosteel operated without a fully constituted board. Its blast furnaces were no longer functional while its plants and equipment was now obsolete. The ZISCO group of companies includes BIMCO, Lancashire Steel, Frontier Steel, ZISCO Distribution Centre. All these companies are 100% owned by ZISCO. 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.
