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100-year-old honoured by Pope, Queen and Army on birthday
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It’s nearly two decades now with the Government trying to resuscitate the Zimbabwe Iron and Steel Company (zisco), which at some stage, was among Africa’s largest steel mills.
Since 2006, several offers for zisco were made by global steel giants including Essar Holdings, Jindal Steel & Power and Global Steel Holdings of India, but all collapsed partly due to lengthy approval processes.
zisco, a major foreign currency earner before independence in 1980, hasn’t produced since 2008 and its demise is largely blamed on mismanagement and lack of funds to upgrade the aging equipment. The plant had the capacity to produce one million tonnes of steel per year.
The long journey of Zisco revival
Business Reporter
It’s nearly two decades now with the Government trying to resuscitate the Zimbabwe Iron and Steel Company (zisco), which at some stage, was among Africa’s largest steel mills.
Since 2006, several offers for zisco were made by global steel giants including Essar Holdings, Jindal Steel & Power and Global Steel Holdings of India, but all collapsed partly due to lengthy approval processes.
zisco, a major foreign currency earner before independence in 1980, hasn’t produced since 2008 and its demise is largely blamed on mismanagement and lack of funds to upgrade the aging equipment. The plant had the capacity to produce one million tonnes of steel per year.
I JUST read the report by Daily Maverick, that is purporting to expose cartels in Zimbabwe. The problem with the report is it does not include the obvious and leading cartels in Zimbabwe, such as Old Mutual, Innscor, Cassava, Seedco (Limagrain/Monsanto), Anglo America and Delta.
This immediately begs one to question the efficacy of this report and why a report on cartels in Zimbabwe, would leave out the well known cartels that control meat, food, sugar, cement, ethanol, banking, horticulture and fuel.
The bias is eerily similar to the Kangaroo Court being referred to in South Africa as the State Capture Commission, which in a country where 93% of the wealth sits in the hands of the white criminals who perpetuated the crime against humanity of apartheid expects us to believe that black people who control less than 7% of a shrinking stake of South Africa’s wealth, have somehow become powerful enough to capture the state from the thugs who perpetuated apartheid.
7 investors short-listed for Zisco
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