Zimasco has emerged stronger from the economic downturn and the company is planning a massive investment of $300 mln in the next 4 years. A spokesperson said the investment would be split into 2 phases, the first being refurbishment of a damaged furnace by 2012 at a cost of $35 mln.

Of its 6 furnaces, 5 are currently operational. This will be followed by construction of a modern chrome smelter, a pelletezing and sintering plant and a 60MVA furnace that would cost between $250 mln and $300 mln.

Pelletezing and sintering plant is the latest technology in forrochrome production, which is effective in processing alluvial chrome ore. It is a strategic investment for Zimasco considering that 50% of its resources are alluvial form. This would raise Zimasco’s annual output to 230 000 tonnes from the current 180 000 tonnes by 2012 and to 386 000 tonnes upon the completion of the new smelting plant.

– Herald, Monday 11 October

More diamond fields

Zimbabwe might soon find itself with more diamond fields following reports of new areas that are  said to be flourishing with the precious mineral.

The Minister of Mines and Mining Development, Obert Mpofu, confirmed last week that his ministry had indeed received preliminary reports of the existence of diamonds in areas such as Binga, Masvingo and Tsholotsho.

Mpofu said the ministry was now speeding up the launch of the Zimbabwe Minerals Explorations Corporation, a company that would be made up of mining engineers and geologists.

Mpofu said the government was working on modalities as well as short-listing experts that would constitute the new entity.

He said the setting up of an exploration company would help the country to account for the entire mineral wealth of the country

– Sunday Mail, October 10,

Sino-Zimbabwe keen for Zisco

Sino-Zimbabwe Limited and Mauritius based Indian firm Essar Energy Holdings have joined the investor scramble to acquire government’s 60% stake in the Ziscosteel.

The 2 firms are part of only five corporate investors that had shown interest in snapping a controlling stake in Zisco in the latest process to revive the steel maker whose operations were grounded by financial distress.

Jindhal Steel and Power of India and Sovereign Capitala consortium of local and South African investors- are also in the running for the coveted stake in Zisco.