Updated: Chinese firm to invest $1 billion to revive Zisco Steel

Chinese firm R&F will invest $1 billion to revive the Zimbabwe Iron and Steel (Ziscosteel). 

Industry Minister Mike Bimha said that mining will commence within 18 months once negotiations have been completed. Said Bimha:

We are looking at an initial injection of over $1 billion and it will probably come to $2 billion when we proceed but it’s not a small project, it’s a huge project and a lot of work to be done.

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Yesterday, R and F president Mr Jang Li paid a courtesy call on President Robert Mugabe at State House.

More: Source, Herald

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