Zimbabwean Industry Minister Welshman Ncube has announced that
India-based conglomerate
Essar Group plans to invest $2-4 billion to build an
iron ore dressing plant in Mwenezi in the south of Zimbabwe.
Minister Ncube said
Essar's investment would be the biggest witnessed in the local
mining industry in the past 10 years.
Last month
Essar acquired local Zimbabwean
iron ore and steel company Parastatal Ziscosteel. This company was one of the largest
iron ore producers in Africa before going bankrupt three years ago. It reopened on August 3 with its new name New Zimbabwe Steel, and its annual steel output is expected to reach 2.5 million mt.