Industry and Commerce Minister Sekai Kanhutu-Nzenza told the Senate yesterday that Kuvimba Mining House had been identified as the company to revive ZISCO and it was talking to German companies with expertise in steel making to resuscitate the former steel giant.
Representatives of a German company were coming to the country and would be visiting mining companies on Sunday and ZISCO on Monday, she said.
*HON. SEN. CHIEF NTABENI: I would like to start by congratulating you Hon. Sen. Chief Charumbira for your appointment as President of PAP. We are solidly behind you, son of the soil.
My question is directed to the Minister of Industry and Commerce. It has been a long time when we have been talking about ZISCO Steel, Lancashire Steel. Do we have plans to resuscitate these particular companies? Technology is now way far ahead of what we have at ZISCO Steel. Are we going to resuscitate ZISCO Steel, a major player in the turnaround of this economy?
THE MINISTER OF INDUSTRY AND COMMERCE (HON. DR. KANHUTU-NZENZA): Thank you Mr. President. I would like to congratulate you on becoming President of the PAP. It pleases us as Zimbabweans.
Thank you for the question. It has come at the right time. I say so because I have not been given an update on the state of affairs at ZISCO Steel. It took us 12 months for us to get the right investor with the right expertise. I would like to inform this House that we have identified through diligence process, Kuvimba as the company that will resuscitate ZISCO. This was approved in Cabinet around February / March. Since then, there has been a lot of activity where this company has carried out its due diligence at ZISCO, working together with the management at ZISCO. Already, we have a draft MOU that needs to be finalised in working with the different legal frameworks from the investor, as well as, from the ZISCO team.
We are also looking at the latest technology like you said. We have already looked at the latest technology that focuses on green energy from companies in Germany to the extent that some of these companies we have identified, do not know much about ZISCO but do have the expertise in making steel. They are visiting Zimbabwe on Sunday and they are going to be at ZISCO on Monday. That shows progress. Thank you Mr. President.
HON. SEN. CHIEF NTABENI: Thank you Mr. President. Hon. Minister, you spoke very well. Can you tell us when the investors are coming? I want to go back to Kwekwe and tell people that now the company is going to start. Thank you.
HON. DR. KANHUTU-NZENZA: I would want to thank the Hon. Chief once again. As I have said, we have an MOU. The people we are partnering with are a company with renowned expertise. They are also cognizant of the fact that they need latest technology and they were talking with a company in Germany. Their representatives will be visiting our mining companies in this country on Sunday and on Monday they will be at ZISCO Steel. So, we are doing it step by step but we are going to get there. This is what I can assure you right now. Thank you.