Zimbabwe has announced that the development of an iron-ore mine and a carbon steel plant will begin in May.

Information Minister Monica Mutsvangwa added that the country also has plans for fluorite and limestone production plants, Bloomberg reports.

The US$1 billion deal to build the steel plant was inked in 2018 by Afrochine, the local arm of nickel and steel producer Tsingshan Holdings. The plant will produce 12 million tons of steel a year.

With these new ventures, Zimbabwe is aiming to increase revenue from the mining sector to US$12 billion in two years.

16 March 2021
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