Kuvimba sets aside US$30m for limestone, iron ore mining operations at Zisco

Redcliff (New Ziana) – Kuvimba Mining House, which the government in March last year approved as the strategic investment partner for Ziscosteel, has set aside US$30 million for the planned limestone and iron ore mining operations.

The diversified mining company has said it will raise US$300 million through local sales of iron ore to finance the resuscitation of Ziscosteel, which collapsed in 2008.

Kuvimba has so far spent US$2 million for limestone mining, with a production target of 20 tons per month.

The revival of Ziscosteel promises to be a significant milestone in Zimbabwe’s industrial resurgence, with the potential to shape the country’s economic trajectory for years to come.

Briefing journalists recently, Ziscosteel board chairperson Engineer Martin Manuhwa said they have spent US$2 million in limestone mining operations and will inject another US$30 million towards reviving the defunct company.

“As we come with relevant plans, so far into the limestone mining, about US$2 million has been spent to re-establish that, and then US$30 million would be spent by the 1st of January next year to refurbish the mine and start the first mining,” he stated.

“Limestone mining would be ready by the end of August and they would have started mining. With the first target of 20 tons per month that would be multiplied by four times in about a year to 80 tons per month.

Eng Manuhwa emphasized that the company is diligently putting systems in place to ensure the resuscitation of the steel plant is on schedule within the next five years, followed by the commencement of mining operations the subsequent year.

“It’s a very complex process to resuscitate the steel plant, we are doing everything correct. We are making sure that we spend the taxpayers or the money that we are using wisely, and we are also putting systems in place to ensure that the resuscitation is on schedule in the next five years for the steel plant and the next year for the mining and then for other value chain processes like Lancashire Steel, Zimchem. You know, Ziscosteel is an integrated steel manufacturing firm,” he said.

Stakeholders who include captains of industry and local community members have hailed the revival of Ziscosteel saying they would be following the implementation timelines, technological advancements and employment prospects associated with the ambitious project.

They said the successful resurrection of the company will boost investor confidence in the industrial landscape and position the country as a regional leader in steel manufacturing.

New Ziana