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Monday, June 5, 2023

Tsingshan deal to create employment, empower citizenry – President Mnangagwa

By Justin Mahlahla

President Emmerson Mnangagwa has hailed the Tsingshan Holding Group for its investment in Zimbabwe’s mining and infrastructure development sector, which will lead to the creation of employment and upliftment of the lives of the citizenry.

He was speaking during the signing ceremony of an Addendum to the Memorandum of Understanding between the Government of the Republic of Zimbabwe, represented by the Ministry of Mines and Mining Development, and Tsingshan Holding Group.

“The Addendum provides for the development and expansion of mining as well as other related projects. As you may recall, the Govermment of Zimbabwe signed a Memorandum of Understanding with Tsingshan Holding Group on 11 June 2018 for the establishment of a carbon steel plant in Manhize. The plant is one of Tsingshan Holdings flagship projects, being spearheaded by its subsidiary, Dinson Iron and Steel Company,” said the President.

“To date, the company has footprints in a number of projects which include the production of high carbon ferrochrome and coke, among other projects in Mashonaland West and Matabeleland North Provinces.

“Therefore, I commend Tsingshan Holding Group for the continued contidence in my Administration’s economic policies and their subsequent decision to increase investments in Zimbabwe.”

He said the agreement will see the company embark on the production of cement and lithium concentrates as well as scaling up coke and ferrochrome production, among other mining and mineral processing projects.

Through the Addendum to the founding Memorandum of Understanding, Tsingshan Holding Group is set to expand its current operations, with a commitment by the partners to work more concertedly towards the realisation of the country’s collective development oriented goals, for win-win outcomes.

“These include the development of Zimbabwe’s rich mineral resources endowments towards a higher quality of life for our people.

“The expanded scope of the projects will also augment our country’s import substitution strategy, with regards to steel and cement products,” President Mnangagwa said.

He added, “Meanwhile, we welcome prospects for expanded employment and broad based empowerment opportunities for our citizenry, in view of the importance of rail transport to the modernisation and industrialisation of the economy, the proposed refurbishment and expansion of the country’s railway network system as envisaged under the Second Republic.”

President Mnangagwa said given the capital intensive nature of mining as well as the need to consolidate the gains recorded in the sector, the consideration of joint efforts towards building long-term and strategic partnerships remains critical.

He pledged Government’s commitment to supporting and facilitating efforts by both local and global investors as the country continues to build the modern and industrialised Zimbabwe.

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