Harare (New Ziana) – State-owned, Industrial Development Corporation (IDC) said on Wednesday it is geared for “exciting times ahead,” as it implements several growth strategies in companies under its massive portfolio.
Government, through the national budget has been allocating funds to the IDC to complement internal efforts to resuscitate companies under its portfolio.
The IDC has under its portfolio several companies including those involved in mining, and the chemical and agro-industry.
But, its companies have experienced viability challenges over the years chiefly because of antiquated machinery, and inadequate working capital.
In a sign that the sleeping giant was slowly awakening, the company on Wednesday declared a modest ZW$15 million dividend to its shareholder, the first time it has done so in over a decade.
To add impetus to IDCs turn-around strategy, board chairman, Winston Makamure said for example, phosphate and magnetite production at Dorowa Minerals would be ramped up.
“From some of the income we are getting in foreign currency, we have managed to ramp up the Zesa line from Rusape to Dorowa to the tune of US$200 000. This is in line with our plans to ramp up production in the mining of phosphates at Dorowa mine,” he said.
“In order to grow IDC exports, in 2021 IDC doubled production of magnetite from 1000 tonnes to 2000 tonnes per annum. This has enabled us to realise US$500 000 per month in the export of magnetite.
“We are currently undertaking a project where we are trebling the production of the by-product magnetite which will enable us to realise in excess of US$15 million per annum and we are targeting to have completed this project by July this year.”
Its other limestone mining prospect in Rushinga, G and W mine, Makamure said had also been resuscitated, in line with the rural industrialisation and devolution strategy.
Makamure said IDC had also lined up a growth plan for its transport enterprise, Deven Engineering.
“We have resuscitated Deven engineering the bus and truck assembly company and are now focusing on the assembly of rural buses where we are expecting to do at least in excess of 100 units. We will be receiving them in kit form and then we assemble,” he said.
IDC, he said, was also pursuing partnerships with institutions of Higher learning, in order to commercialise some of their innovations.
One of the innovations in line to be commercialised is the production of medical drips.
Commending IDC, Finance and Economic Development Minister Professor Mthuli Ncube pledged continued government support for its resuscitation efforts.
“I read a report on G and W, in 2019, a dormant company with very interesting mining claims which was not producing but today they are selling products that are coming from those claims, beginning November 2021. So clearly something is working,” he said.