China's Sinosteel Corp. will invest US$1 billion in Zimbabwe to boost ferrochrome output and build a power plant, Reuters reported May 14, citing the country's President Emmerson Mnangagwa.
Sinosteel President Andong Liu said the company plans to build three additional furnaces at its majority-owned Zimasco platinum project, which will see ferrochrome output rise by 120,000 tonnes over the next five years to 300,000 tonnes per annum.
Meanwhile, ferrochrome output at Zimasco is expected at 500,000 tonnes annually in ten years, the executive added.
The Chinese firm is also planning to construct a 400MW coalbed methane-fired power plant in the African country.
"We will continue to review our process to facilitate investment inflows as well as ease of doing business," Mnangagwa vowed.
