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The total investment has reached US $2 billion, and Aoyam Holdings will consolidate its investment in Zimbabwe
General Introduction
According to the news on December 25, 2022, TSINGSHAN Holdings Group Limited is building a large steel plant in Mvuma. After announcing its plan to build a large lithium concentrate plant in Zimbabwe, the company will consolidate its investment in the country.
Details
The group already operates three subsidiaries in Zimbabwe, including Dingsen Steel, which is developing a $1.5 billion integrated steel plant in Manhize, near Muuma.
It also owns Afrochine Smelting (Pvt) Co., Ltd., which hopes to increase the smelting capacity of ferrochrome from 120000 tons per year to 500000 tons, and Dinson coal mine located in Wanji, which produces coal products.
As part of the future investment in Zimbabwe, China’s largest steel producer intends to establish a privately invested cement factory with an annual capacity of 1 million tons.
So far, the total investment of Qingshan Holding Group has reached 2 billion dollars.
Mr. Wilfred Motsi, director of the disco project, recently told reporters that his organization is one of the key national strategic assets and will make a significant contribution to Zimbabwe’s economic growth and fiscal revenue.
This is in line with the main thrust of National Development Strategy 1 for 2021-2025, which is the government’s economic development blueprint and aims to achieve upper-middle-income economies by 2030.
National Development Strategy 1 will be replaced by National Development Strategy 2, which outlines the programs and projects during this period, defines the trajectory, and aligns national financial flows with policy priorities identified by stakeholders at the national, provincial, and local levels.
‘You often ask us about Dingsen Group’s intention to invest in Zimbabwe in the future. To this end, Dingsen Group recently signed a memorandum of understanding with the Republic of Zimbabwe to increase its initial carbon steel production target in Manhize from 600000 tons per year to 5 million tons per year, directly employing more than 600 people and indirectly employing more than 30000 people. We will also produce 2 million tons of lithium concentrate every year. ‘
Mr. Wilfred Motsi said.
Lithium production is rapidly becoming a potential game changer for Zimbabwe’s mining industry and the country as a whole, as foreign investors have demonstrated their commitment to the mining of this mineral.
For example, Chinese investors will develop a lithium salt plant worth US $450 million in Mapinga, Western Mashonalan Province, with an initial annual output of 30000 tons. The plant is located in the proposed US $13 billion mineral energy industrial park.
In September this year, the Zimbabwean government signed a memorandum of understanding with two Chinese investors – Eagle Valley International Group Co., Ltd. and Pacific Target Investment Company, paving the way for the establishment of Zimbabwe’s first mineral energy industrial park project.
The mining energy industrial park is expected to be put into operation in 2024. The industrial park will also build two 300 MW power stations, a coking plant, a graphite processing plant, a nickel chromium alloy smelting plant and a nickel sulfate plant.
Lithium is a basic element in the production of lithium-ion batteries for electric vehicles and mobile phones.
In addition, Zimbabwe Prospect Lithium is also developing Arcadia lithium mine worth 300 million dollars in Goromonzi, east of Mashonalan Province.
The company said that the construction of its processing plant has been completed by 80%, and about 1700 people have been employed.
Other lithium projects being formed in the country include the Sabi Star lithium mine of US $130 million located in Buhera District, Manikaland Province, which is owned by MaxMind Investments, a subsidiary of Eagle Valley.
In Matabeleland, Premier African Minerals, one of the lithium project developers, is still firmly striving to complete the production of Zulu lithium tantalum project in Iniza District in the first quarter of 2023.
According to the memorandum of understanding recently signed with the government, Qingshan Holding Group Co., Ltd. also plans to increase the production of coke batteries in Dingsong Coal Mine from 350000 tons at present to 5 million tons per year.
In general, Dingsen Coal Mine’s business includes coking coal, coal washing, coal tar recovery and coal tar processing, and exports high-quality coke to South Africa and Zambia.
At the same time, one of the major investment projects of Aoyama Holding Group will stimulate the mining industry of $12 billion by 2023, and promote Zimbabwe to become an upper middle income economy by 2030.
The main goal of Vision 2030 is to transform Zimbabwe into an upper middle income society. The actual per capita gross national income is between US $4256 and US $13205. The employment rate in the formal sector and the small and medium-sized enterprises sector continues to increase.
In addition, the Government intends to gradually reduce the poverty rate to a level comparable to that of upper middle income economies.
Economist Professor Gift Murano said publicly:
“In order to achieve the NDS 1 target in 2023, we need macroeconomic stability, single-digit inflation, and a stable exchange rate. Therefore, what we must do is to reduce inflation by filling the money supply gap.”
The Second Republic was founded in November 2017 and led by President Mnangawa. The Republic regards the mining industry as one of the key pillars to transform the country into an upper middle income society.
This year, the mining industry is expected to grow from US $5.3 billion in 2021 and US $2.7 billion in 2018 to US $8 billion.
Zimbabwe’s mining industry accounts for 73% of foreign direct investment, 83% of exports, 19% of government revenue, 2% of formal employment and 11% of personal income.
Post Time: 2022-12
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