By Takudziridzwa Nyama
Zimbabwe Mining and Smelting Company (Pvt) Ltd (ZIMASCO) has dismissed recent reports suggesting that it is under corporate rescue, insisting that it remains financially stable and focused on expansion contrary to reports in the Sunday Mail of 16 March 2025.
The report had claimed that Sinosteel Zimasco (Pvt) Ltd had been placed under corporate rescue, but Zimasco (Pvt) Ltd has clarified that it is not related to Sinosteel Zimasco (Pvt) Ltd and does not owe any debt to Avim Investments (Pvt) Ltd.
“Zimasco (Pvt) Ltd is not in any way related to Sinosteel Zimasco (Pvt) Ltd, if such an entity even exists,” said Zimasco.
Additionally, Zimasco emphasised that it has no financial obligations or business dealings with Avim Investments (Pvt) Ltd.
“Zimasco (Pvt) Ltd does not owe and has no business relationship with Avim Investments (Pvt) Ltd.”
The company assured stakeholders that it remains a going concern, with its operations running smoothly. Zimasco is not only maintaining its ferrochrome production but is also expanding and diversifying into new projects to strengthen its business.
As one of Zimbabwe’s key industrial players, Zimasco reaffirmed its commitment to responsible corporate citizenship and its role in driving economic growth.
“Zimasco (Pvt) Ltd remains a responsible corporate citizen and will continue to contribute to Zimbabwe’s economic development.”
Zimbabwe Mining and Smelting Company (ZIMASCO) is the country’s largest producer of ferrochrome and a key input in the production of stainless steel.