Chinese firms invest big into Zimbabwe cement industry

In a significant economic boost for Zimbabwe, Chinese companies West International Holding Limited and Labenmon Investors (Pvt) Limited have finalized a groundbreaking $1 billion agreement.

HARARE, ZimbabweIn a significant economic boost for Zimbabwe, Chinese companies West International Holding Limited and Labenmon Investors (Pvt) Limited have finalized a groundbreaking $1 billion agreement.

The deal focuses on enhancing the production of cement and essential building materials, setting the stage for a state-of-the-art building materials industrial park in the country.

The investment unfolds in two concurrent phases spanning 24 months of construction.

The initial phase includes the establishment of a building materials industrial park in Karoi, Mashonaland West Province.

This phase involves the construction of a new dry-process clinker cement production line with an annual output of 1.8 million tonnes.

Finance minister Mthuli Ncube and the Vice Chairman of Chinese International Development Cooperation Agency (CIDDA) Mr Tang Wenhong after the signing of two exchange letters on Food and Nutrition Security sector at New Parliament Building in Mt Hampden, Harare on Thursday 26th October 2023.
FILE: Minister of Finance, Economic Development and Investment Promotion Mthuli Ncube and the Vice Chairman of China International Development Cooperation Agency (CIDDA) Mr Tang Wenhong after the signing of two exchange letters on Food and Nutrition Security sector at New Parliament Building in Mt Hampden, Harare on Thursday 26th October 2023.

Additionally, a 100MW generating unit will be erected to ensure uninterrupted power supply.

The second phase of the project will witness the construction of a grinding plant in Bulawayo, boasting an annual production capacity of 900,000 tonnes.

West International Holding Limited President, Wang Fayin, highlighted the economic benefits the project is expected to bring to Zimbabwe, stating, “The industrial park is planned to have a new dry-process clinker cement production line with an annual capacity of 2.7 million tonnes, equipped with a 100 MW power generation unit and a cement grinding station with an annual capacity of 900,000 tonnes.”

Upon project completion, the cement production capacity is expected to exceed 2 million tonnes, addressing the local demand gap for cement and high-quality cement products.

Wang Fayin emphasized the project’s positive impact on the Zimbabwean economy, stating, “The project will create more than 5,000 jobs for the local community and contribute to the national economic development of Zimbabwe.”

West International Holding Limited, a subsidiary of the Hong Kong-listed company West China Cement, is a multinational enterprise specializing in the production and sales of cement and building materials.

The company has previously invested in similar projects in African countries such as Uganda, Ethiopia, Mozambique, Angola, and the Democratic Republic of the Congo.

RosGwen24 News
RosGwen24 News
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