How the revival of ZISCO will solve half of Zimbabwe’s economic problems

Binga South legislator Gabbuza Joel Gabbuza has reiterated that if Zimbabwe revives ZISCOsteel it will have solved half of its economic problems.

Zimbabwe is planning to take over ZISCO’s $450 million debt to pave way for a Hong Kong based company to take over the steel maker.

Contributing to the 2018 budget in Parliament on Thursday Gabbuza said:  “If you sort out ZISCO Steel you have solved half the problems of Hwange Colliery because Hwange Colliery used to supply almost 50 wagons of coking coal every day to ZISCO Steel.

“If you sorted out ZISCO Steel, you have sorted out the National Railways of Zimbabwe because those wagons were providing a lot of revenue to the railways.

“ZESA is going to benefit because that Munyati Power Station was constructed specifically to supply power to ZISCO Steel.

“Studies have shown that the current blast furnaces that are used, if we sorted out ZISCO Steel we can still harness thermal energy from the heat at the top of the furnaces at ZISCO Steel so that will solve partly some of our problems of power…….”

Below is his full contribution

HON. GABBUZA: Thank you Madam Speaker. I have just five issues that I wish to raise with the Minister of Finance and Economic Development which he might consider in this current budget or he might wish to consider in future.

The issue of ZISCO Steel – I really wish the Minister could seriously think about the resuscitation of ZISCO Steel. I have said this before and I will continue talking about it because ZISCO Steel is half the solution to our economic problems. That is why when we went to school ZISCO Steel remained Zimbabwe Integrated Iron and Steel Company; it was not just Zimbabwe Iron and Steel Company.

I will indicate or show the Minister how integrated ZISCO Steel is into the economy of this country. If you sorted out ZISCO Steel, you have already sorted out Hwange Colliery Company.

THE HON. DEPUTY SPEAKER: Order, there is noise coming from that corner.

Continued next page

(692 VIEWS)