Dr Nzenza said the Government was proactive in its
development agenda and for the first time in over two decades, Ziscosteel would
be back on its feet.
She said there had been doubts over the revival of
Ziscosteel after the previous administration signed unsuccessful deals with
potential investors such as Essar Holdings of Mauritius and R & F
Construction company of China.
“This is now a different story with the new Government led
by President Mnangagwa. His mantra is production and production and the resuscitation
of Ziscosteel is one of this Government’s top priority,” she said.
Dr Nzenza, who was meeting Ziscosteel management and its
new partner, Kuvimba Mining House at the company premises in Redcliff on
Tuesday, said Ziscosteel was a national asset and its revival was one of the
Second Republic’s key deliverables.
“Zisco is a national asset and every other industry is
either an upstream or downstream industry. This is why the new administration
is determined to make sure that Ziscosteel gets back to its feet in the next 12
months before it gradually gets back to its former glory,” she said.
Dr Nzenza said the Government had identified a local
company to partner and invest into Ziscosteel after many foreign investors
previously failed to fulfil their initial agreements.
“President Mnangagwa is on record saying Zimbabwe is for
Zimbabweans, we must build our nation as Zimbabweans and we are very confident
of this local firm which has come on board with vast expertise to turn around
Zisco,” she said.
The Minister said Zimbabwe was endowed with vast mineral
deposits and Ziscosteel would be taping on the availability of these resources
for its resuscitation.
Once the company was up and running, Zimbabwe will reduce
its huge import bill on steel products.
“President Mnangagwa has been passionate about this import
bill substitution agenda. We need value addition and we have the resources and
this is why we are determined to have this company back,” she said.
Ziscosteel board chairman, Engineer Martin Manuhwa, said
there would be a US$300 million capital injection to kick-start the revival of
Zisco.
The capital injection is expected to grow to up to $1
billion in the next three years.
Eng Manuhwa said Kuvimba Mining House had mobilised a team
of experts who are now on the ground for feasibility studies, among other
issues.
At its peak, Ziscosteel used to employ about 6 000 people
directly and over 50 000 others indirectly.
It was one of the largest steel producers in Southern
Africa. Herald
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