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New Zimbabwe Steel will create over 7000 jobs: Ncube
04 Aug 2011 at 08:15hrs | Views
Industry and Commerce Minister Welshman Ncube, said the Essar investment would catalyse economic growth, development and Government's medium term programme.
Ncube revealed that the revival of Ziscosteel by Indian firm, Essar Group, will create over 7000 jobs and result in US$4 billion investment into an iron ore beneficiation plant.
Essar has already committed to inject US$750 million to resuscitate Ziscosteel, which ceased operations in 2008 due to choking financial and debt constraints.
Redcliff based Ziscosteel, now owned 54 percent by Essar Group and 30 percent by the Government of Zimbabwe, has been renamed New Zimbabwe Steel (Pvt) Limited.
Speaking at the ceremony, Minister Ncube said Essar committed to retain the 3 500 jobs at Ziscosteel and create an additional 3 500 jobs when it sets up an iron beneficiation plant in Chivhu.
He said another 250 jobs would be retained at Ziscosteel's iron ore mining arm, Buchwa Iron Mining Company to be rechristened New Zimbabwe Minerals Private Limited.
Essar intends to set up an iron ore beneficiation plant in Chivhu with capacity for 25 million tonnes per year and this will increase the value of iron ore from US$15 to US$65 per tonne.
Ncube revealed that the revival of Ziscosteel by Indian firm, Essar Group, will create over 7000 jobs and result in US$4 billion investment into an iron ore beneficiation plant.
Essar has already committed to inject US$750 million to resuscitate Ziscosteel, which ceased operations in 2008 due to choking financial and debt constraints.
Redcliff based Ziscosteel, now owned 54 percent by Essar Group and 30 percent by the Government of Zimbabwe, has been renamed New Zimbabwe Steel (Pvt) Limited.
Speaking at the ceremony, Minister Ncube said Essar committed to retain the 3 500 jobs at Ziscosteel and create an additional 3 500 jobs when it sets up an iron beneficiation plant in Chivhu.
He said another 250 jobs would be retained at Ziscosteel's iron ore mining arm, Buchwa Iron Mining Company to be rechristened New Zimbabwe Minerals Private Limited.
Essar intends to set up an iron ore beneficiation plant in Chivhu with capacity for 25 million tonnes per year and this will increase the value of iron ore from US$15 to US$65 per tonne.
Source - Byo24News
