Zimbabwe has signed an agreement with Hong Kong-based R&F for the Chinese property firm to invest $1 billion to revive fallen steelmaker, ZISCOsteel, Industry Minister MIke Bimha said today.
“We have already signed an agreement and we believe that in a very short while we should be able to unveil a tier agreement and give you the details, but for your own comfort ZISCO, is very alive and we believe in the near future we should be able to give you more going forward,” Bimha told an exporters business meeting.
The deal was first announced in August when R&F founder Zhang Li met President Mugabe at the State House, but no details were released.
ZISCOsteel was once Africa’s biggest integrated steel maker but folded operations in 2008 due to what analysts say was gross mismanagement and a failure by the state-owned firm to keep abreast with advancing technology.
The steelmaker’s latest angel investor is one of China’s richest businessmen, Zhang Li, whose net worth is $3.3 billion. –The Source
See also:
Ziscosteel – a timeline of govt ineptitude
Chinese firm R&F to invest $1 billion in latest bid to revive Ziscosteel
SPECIAL REPORT: Of Ziscosteel, Chinese investors and the many questions
(133 VIEWS)
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…
Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…
The government is the biggest loser when there is a discrepancy between the official exchange…
