The resuscitation of Zisco is now imminent with the Chinese investor informing the President Cde Emmerson Mnangagwa that he is satisfied with the progress made by the line ministries in dealing with the legalities for works to commence.
Chinese firm R and F is expected to pour in $1.5 billion into the iron and steel giant Ziscosteel, an investment which is expected to change the fortunes of the country.
The Zimbabwean government and the investor reached an agreement early this year that government will retain some shareholding in Zisco’s mining assets, while R and F, through the Hong Kong-registered Tian Li, would take full control of the steelworks.
Chairman of the R and F Group Mr Zhang Lee who was accompanied by Industry, Commerce and Enterprise Development Minister Dr Mike Bimha and Ziscostel senior management met President Mnangagwa at his Munhumutapa offices today to brief him on progress made so far.
At its peak it had a 500 string workforce and supporting downstream industries.
The steel giant has over the years caught the eye of investors across the world, but the multimillion dollar deals have fallen through due to various reasons ranging from bureaucratic bungling to corruption.
Government will this week gazette a debt assumption bill for the Zimbabwe Iron and Steel Company (Zisco), to clear the way for its takeover of $500 million obligations owed to both local and international creditors.