Home Business Govt Approves $350 Million Zisco Steel Deal.

Govt Approves $350 Million Zisco Steel Deal.

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GOVERNMENT has approved the $350 million investment deal in which ZimCoke (Pvt) Ltd will revitalize the coke plant within Ziscosteel, creating more than 800 jobs in the process.

Addressing a press conference after yesterday’s Cabinet meeting, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa said the project also involves rehabilitation of Redcliff Water Supply infrastructure, production of tar among others.

“Following a presentation by the Minister of Industry and Commerce, Cabinet approved the operationalisation of the agreement between Ziscosteel and ZimCoke (Pvt) Ltd,” she said.

“The agreement entails the revival and running of the coke oven batteries, which have not been operating since 2008. At full production, ZimCoke will manufacture half a million tonnes of coke in a year.

“The project also involves rehabilitation of Redcliff Water Supply infrastructure, production of tar and pitch for road making as well as the refurbishment of locomotives and wagons,” added Mutsvangwa.

She added that various offers of assistance continue to be received for the construction and rehabilitation of infrastructure as well as re-integration of pupils affected by Cylone Idai.

“Following His Excellency the President’s meeting last week with the private sector, various offers of assistance continue to be received for the construction and rehabilitation of infrastructure as well as re-integration of pupils affected by the disaster into the education system. 

“Special emphasis is on the rehabilitation and reconstruction of schools so as to ensure the expeditious resumption of learning in the affected areas, Cabinet was informed that work has already started with respect to spatial planning and eventual relocation of some affected communities.

” A programme is also underway to spearhead the recovery of destroyed businesses through a Government-sponsored financing facility,” added Mutsvangwa.

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