Zimbabwean President Emmerson Mnangagwa said on Monday that Chinese firm Sinosteel Corporation had agreed to invest $1 billion in Zimbabwe by building a power plant and increasing ferrochrome output.
Sinosteel president Andong Liu said the Chinese company planned to increase ferrochrome output at Zimasco, in which it holds a majority stake, by 120,000 tonnes per year to 300,000 tonnes over the next five years.
Sinosteel also plans to build a 400 megawatt coalbed methane-fired power plant in western Zimbabwe, the firm’s president added at a news conference with Mnangagwa.
- Reuters
