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Thursday, May 23, 2024

Resuscitation of ZiscoSteel now in motion

Story by Tafara Chikumira

MINING giant, Kuvimba Mining House has officially taken over operations at ZiscoSteel after signing the final contract on the 26th of last month.

The company took over operations on an investor quasi-management contract which will run for the next five years after passing the due diligence feasibility study instituted by the government.

The investor, which has announced a US$300 million package towards the resuscitation of the steel maker, is now putting all the necessary measures in place for the reopening of the plant.

“We are very excited that Kuvimba Mining House is finally here to take over the management of this company. The company has since advertised posts for senior management positions and once these have been filled. We are confident they will push for the real work that needs to be done here. We are also happy that the investors are engaging technical advisors as well as mining partners to get the work done,” ZiscoSteel Acting Public Relations manager, Mr Sebastian Manyika said.

The investor has since submitted a blueprint to the government that spells out the resuscitation plan, which will start with mining operations until the opening of the plant.

ZBC News is reliably informed that external evaluators to consider the state of equipment at the plant are expected to be at the firm by the end of this month.

The external evaluators’ report and Kuvimba Mining House’s internal evaluation report will determine whether the investor will build a new plant which will require around US$1,3 billion or refurbish the existing facilities at a cost of between US$350 and US$500 million.

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