LNM Group to invest in Zimbabwe and Mozambique

LNM Group to invest in Zimbabwe and Mozambique

Lakshmi Mittal, owner of LNM Group reportedly plans to invest in Zimbabwe and Mozambique following the takeover of Iscor in South Africa. Accordingly, it is stated that LNM Group is in negotiations to purchase steel mill Zimbabwe Iron and Steel and has recently submitted bid to take on Mozambique Moatize coal project. Eight investors have submitted bids for the project so far. One of the bidders Brazil's iron ore giant Companhia Vale do Rio Doce (CVRD) is indicated as the biggest competitor of LNM.