Caixin
Mar 11, 2021 02:09 PM
WORLD

China-Based Tsingshan Plans Iron Ore Mine, Steel Plant in Zimbabwe

A dump truck transports iron ore at an open pit mine in Ukraine. Photo: Bloomberg
A dump truck transports iron ore at an open pit mine in Ukraine. Photo: Bloomberg

(Bloomberg) — Tsingshan Holdings Group Co. Ltd., the world’s top producer of nickel and stainless steel, will start construction on an iron ore mine and a carbon steel plant in Zimbabwe in May, according to a senior government official.

A fluorite and limestone production plant will also soon be set up, Information Minister Monica Mutsvangwa said in an emailed statement following a cabinet meeting.

Afrochine, the local unit of Tsingshan, initially signed a $1 billion agreement in June 2018 to build the plant with capacity for 2 million tons of steel annually. It currently produces ferrochrome after building furnaces in 2020 and plans to construct additional furnaces in May.

The southern African nation is seeking mining ventures to help boost revenue from the sector to $12 billion by 2023. The rise in prices of commodities such as gold, platinum and copper produced in the country has helped bolster its finances.

Contact editor Michael Bellart (michaelbellart@caixin.com)

Support quality journalism in China. Subscribe to Caixin Global starting at $0.99.

Follow the Chinese markets in real time with Caixin Global’s new stock database.


You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code