Harare — China’s Sinosteel Corporation has agreed to invest $1bn in Zimbabwe to build a power plant and increase ferrochrome output, President Emmerson Mnangagwa said on Monday. Sinosteel president Andong Liu said the Chinese firm planned to build three additional furnaces at its majority-owned Zimasco business, which would raise ferrochrome output by 120,000 tonnes over the next five years to 300,000 tonnes per year. Andong said he saw ferrochrome output from Zimasco at 500,000 tonnes annually in 10 years’ time. Sinosteel also plans to build a 400MW coalbed methane-fired power plant in western Zimbabwe, the firm’s president added at a news conference with Mnangagwa. Zimbabwe imports the bulk of its energy from neighbouring countries. Its energy requirements are met through a combination of biomass, domestic coal-fired and hydroelectric power plants. More than 35% of electricity required is imported from SA, Mozambique and the Democratic Republic of Congo. Inflows "We will continue ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now