- The ground-breaking ceremony for the Palm River Energy Metallurgical project was inaugurated
- The project boasts a total investment of US$3.6 billion
- The total construction process is expected to take 12 years, allowing for comprehensive development
Harare-The ground breaking ceremony of the Palm River Energy Metallurgical, a US$3.6 billion project, has been officially launched yesterday by President Emmerson Mnangagwa at the energy industrial park area in Beitbridge.
With a total investment of US$3.6 billion, the project will cover 5,100 hectares within a special economic zone.
An economic special zone is a designated area within a country that offers specific economic regulations and incentives to attract foreign and domestic investment.
The project have two phases, first phase have a US$237 million investment and is set for completion within two years, by February 2027.
The overall construction duration is set for 12 years.
The project's key facilities include a coking plant with an annual capacity of 1 million tonnes of coke, a ferrochrome smelting facility designed to produce 100,000 tonnes of high-carbon ferrochrome, with a target of 200,000 tonnes in the first phase.
A coal-fired thermal power station with a 1,200 MW capacity will be constructed, along with facilities to produce 2 million tons of chromium-based materials per year.
‘’While the growing demand for minerals and metals provides economic opportunities, significant challenges are likely to emerge if the climate-driven clean energy transition is not managed responsibly and sustainably.’’ President Emmerson Mnangagwa , said during the launch.
Therefore, Zimbabwe Xintai Resources planned the construction of a 1 200 MW green power and integrated power generation.
The project also includes a coal wash plant with a 160,000 tons per year capacity, which has been completed, along with the Chrome smelting plan.
In its first year, the project is set to create 400 employment positions, increasing to 2,000 by the project's completion.
Coal for the project will be sourced from Tuli Coal Mine.
This project is a significant development in Zimbabwe's efforts to increase its revenue and become an Upper Middle-Income Economy by 2030.
Zimbabwe's mining sector plays a critical role in the country's economy, accounting for over 60% of export earnings and attracting more than 50% of foreign direct investment.
It contributes 13% to the national GDP, fostering downstream business opportunities and generating tax revenue for the government.
While the growing demand for minerals and metals provides economic opportunities, significant challenges are likely to emerge if the climate-driven clean energy transition is not managed responsibly and sustainably.
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