By Evans Dakwa
President Emmerson Mnangagwa has hailed the investment into an iron and steel processing plant by Dinson at Manhize in Chirimhanzu District saying the venture will unlock the potential of several downstream industries.
In his speech on the occasion of his second tour of the Dinson Iron and Steel Plant, the President the project for adopting beneficiation of the country’s iron ore deposits for the benefit of economy Zimbabwe.
“The revitalisation of iron and steel industry in turn has immense potential to anchor the ongoing modernization, industrialization and growth of our economy. Inputs for sectors such as the automotive industry, consumer durables, railways, aviation as well as construction and infrastructure development are derived from the iron and steel industry, said President Mnangagwa.
Projections by Dinson show the plant will ultimately reach peak production levels of 5 million tonnes per annum are in sync with the country’s infrastructure development trajectory and employment creation as contained in the Vision 2030 economic development guideline.
“The steel plant will catalyse downstream industries, creating a positive ripple effect of economic growth and job creation, additionally investment in iron ore and steel processing aligns with our broader vision for sustainable development,” the President added.
He also applauded companies from China for their continued support and investments into Zimbabwe saying such investment by the likes of Dinson Iron and Steel Company show more than just financial support but represent a shared vision for a brighter future between the two countries; Zimbabwe and China.
In addition to the 1.5 billion plant, Dinson Iron and Steel Company plans to develop three greenfield power projects with a combined output of 300MW to support its power intensive venture at Manhize.It has already signed Memorandum of Understanding with power utility, ZESA and at its peak the company is expected to employ 5000 direct workers.