Business / Companies
Zimasco to increase production by 2012
26 Jul 2011 at 04:49hrs | Views
Zimbabwe Mining and Smelting (Zimasco), a Unit of Sinosteel Corp will increase its ferrochrome output by more than a quarter by 2012 following the repair and upgrade of one of its six furnaces, an official said on Monday.
Sinosteel, which owns 73 percent of Zimasco, has announced plans to invest $300 million into the firm to build a new smelter and ramp up production in Zimbabwe's largest ferrochrome producer.
The company's services director, Josephat Zvaipa, told a parliamentary committee hearing that Zimasco is currently operating below its installed capacity of 180,000 tonnes of high carbon ferrochrome as one of its six furnaces is down.
The company's current production is 165,000 tonnes, excluding one furnace which is being rebuilt and it should do 230,000 tonnes by 2012 when the sixth furnace comes back on stream.
Zimbabwe's three major smelters have a combined capacity to process 1.5 million tonnes of chrome ore. The country produced 500,000 tonnes of chrome ore in 2010, according to Chamber of Mines figures.
Zimbabwe, which has 12 percent of the world chromite reserves, has seen its ferrochrome output dip from 5 percent of global production in 2000 to 1.2 percent currently.
Sinosteel, which owns 73 percent of Zimasco, has announced plans to invest $300 million into the firm to build a new smelter and ramp up production in Zimbabwe's largest ferrochrome producer.
The company's services director, Josephat Zvaipa, told a parliamentary committee hearing that Zimasco is currently operating below its installed capacity of 180,000 tonnes of high carbon ferrochrome as one of its six furnaces is down.
The company's current production is 165,000 tonnes, excluding one furnace which is being rebuilt and it should do 230,000 tonnes by 2012 when the sixth furnace comes back on stream.
Zimbabwe's three major smelters have a combined capacity to process 1.5 million tonnes of chrome ore. The country produced 500,000 tonnes of chrome ore in 2010, according to Chamber of Mines figures.
Zimbabwe, which has 12 percent of the world chromite reserves, has seen its ferrochrome output dip from 5 percent of global production in 2000 to 1.2 percent currently.
Source - Byo24News
