ZISCO Floats EoI Seeking Investors for Revival
ZBC News reported that Zimbabwe’s state-owned iron and steel company Zimbabwe Iron and Steel Company has invited new investors to help revive operations at the company that has been the target of interest from Indian and Chinese investors in the past, a company document showed. ZISCO acting chairman Mr Martin Manuhwa said that the firm is again looking for new investors who would be interested in availing funds to resuscitate the company and interested investors should submit their expression of interest by April 30. Successful investors would then be invited to participate in the bidding process for the funding.
India’s Essar Group Essar Africa Holdings has agreed to invest up to USD 4 billion in Zimbabwe Iron and Steel Company in 2011 but the deal collapsed. An agreement by China’s R&F to invest USD 2 billion in 2017 also fell apart after Harare authorities sought to renegotiate the deal.
ZISCO is 89% owned by the government. ZISCO owns an iron ore mining unit with an installed capacity of 2.16 million tonnes of ore a year as well as a wire products company.