May 14, 2018 / 3:59 PM / 9 months ago

Mnangagwa says China's Sinosteel to invest $1 bln in Zimbabwe

HARARE, May 14 (Reuters) - Zimbabwean President Emmerson Mnangagwa said on Monday that Chinese firm Sinosteel Corporation had agreed to invest $1 billion in Zimbabwe by building a power plant and increasing ferrochrome output.

Sinosteel president Andong Liu said the Chinese company planned to increase ferrochrome output at Zimasco, in which it holds a majority stake, by 120,000 tonnes per year to 300,000 tonnes over the next five years.

Sinosteel also plans to build a 400 megawatt coalbed methane-fired power plant in western Zimbabwe, the firm’s president added at a news conference with Mnangagwa. (Reporting by MacDonald Dzirutwe; Writing by Alexander Winning; Editing by Mark Potter)

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