Aoyama Holdings, a Fortune 500 company, plans to build a new steel plant in Zimbabwe, with construction scheduled to start in May.
HARARE, March 10 - China's Qingshan Holding Group will develop an iron ore mine and build a carbon steel plant in Zimbabwe starting in May, Zimbabwe's information minister said on Tuesday night.
The investment deal was announced three years ago.
Castle Peak signed a $1 billion framework agreement with Zimbabwe in June 2018 to build a steel mill with an annual capacity of 2 million tons.
The company has since been exploring and seeking more mining rights.
Aoyama's local subsidiary, Afvochine, already produces ferrochrome, which is used in steelmaking.
Chromite is an important raw material for smelting stainless steel, which can enhance the corrosion resistance of stainless steel products.
Zimbabwe has one of the largest deposits of chromium ore in the world.
Aoyama describes Afvochine as an important part of its stainless steel industry chain.
The smelting production base was officially opened in November 2013.
"Ground breaking for the iron ore and carbon steel plant will be held in Manhize in May 2021," Zimbabwe's Minister of Information Monica Mutsvangwa said in a statement.
The government previously said Aoyama would also build a power plant and acquire rights to mine lithium.
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