Coke investments to cut imports, increase exports
THE growing investment in coal production and value addition in Matabeleland North will enable Zimbabwe to cut imports of coal-related products while increasing scope for foreign currency earnings from exports, South Mining managing director, Mr Chenji Li, said yesterday.
The Hwange-based company is one of the entities that will be visited by President Mnangagwa today and tomorrow. The Head of State will also officially commission the company’s coke production plant.
In an interview, Mr Chenji said as an investor, they were excited by opportunities in Zimbabwe and motivated by Government’s drive to transform the economy.
“As an investor, the visit by the President is important in boosting the investor confidence in doing business in Zimbabwe in line with the mantra ‘Zimbabwe is open for business’,” he said.
“Coke is one of the most fundamental material for the industrial value chain. It is used for the making of steel and ferochrome. If you see all the countries industries, coke is one of the essential materials to use.”
Given the strategic importance of coke in the manufacturing and processing industries, Mr Chenji said Zimbabwe stands to benefit immensely from the growing investments in Hwange. “For the country, when you make coke, you maximise the beneficiation of the material, which you don’t only mine from the ground and sell but you add value. Coke can be exported and generate more forex for the country. You also cut on imports,” he said.
“We also supply coke to the local industries for the production of ferochrome and other products. I can say coke is playing a great role for the industry of Zimbabwe, therefore creating employment.”
Mr Chenji said his company started the coke project a year ago and was grateful for the full support they received from Government and local community. “We want to show the achievements we have made and our decision to continously develop the business and grow together with the locals people. That is what we want to show to the President,” he said.
The Chronicle