Mnangagwa meets German investors who will partner Kuvimba to revive ZISCO
President Mnangagwa yesterday met German investors who are set to partner with Kuvimba Mining House in the resuscitation of the Zimbabwe Iron and Steel Company.
The Government has chosen Kuvimba Mining House to lead the revival of the Redcliff-based steel firm which has identified German-based firm, SMS Group, one of the leading international companies in steel manufacturing that are set to provide technical and financial support in a partnership that is expected to breathe new life to Zisco.
Industry and Commerce Minister Dr Sekai Nzenza led the delegation both from Kuvimba Mining House and German investors and held a meeting with President Mnangagwa at State House yesterday afternoon.
By the early 1990’s conditions at ZISCO had deteriorated to obsolescence and mining costs at Buchwa mine had increased exponentially forcing the company to look at developing Ripple Creek Mine for the supply of iron ore to the blast furnaces. Blast furnace number 4 was reaching the end of its campaign and was taken off in 1994.
ZISCO stopped operations in January 2008, following three successive power outages from the national grid coupled with cooling water challenges leading to the cooling down of Coke Oven batteries and subsequently the cooling down of the Blast Furnace.
Source: Herald and additional reporting by Mining Zimbabwe