Zimbabwe Economic News: Zimplats, NewZim Steel, Sable Chemicals, Zimbabwean agricultural growth
Zimplats has said it is prepared to work with government to boost production and ensure that there is adequate feedstock for the establishment of a smelter and a refinery in Zimbabwe. Zimplats is currently investing up to $1bn in a new smelter.
Government last week announced that it would withdraw export licences from miners exporting raw platinum to promote value addition. The move, that has already been endorsed by Cabinet, follows concern over untaxed exports of by-products refined from platinum – Herald, Tuesday January 3.
NewZim Steel will start production this month end following a Cabinet directive in December that the new owners should start work. The company said it expects to roll out 500 000 tonnes of steel in 18 months – NewsDay, Tuesday January 3,
Sable Chemicals will implement the first Clean Development Mechanism project in the country when it starts processing nitrous oxide waste into fertiliser – Daily News, Tuesday January 3,
A delegation of 24 Indian companies will visit Zimbabwe next week to explore investment opportunities. This visit follows the Bilateral Investment Promotion and Protection Agreement which both countries have ratified to aid co-operation. India's Minister of Industry, Commerce and Textiles, Anand Sharma, will lead the delegation, scheduled for January 8-12 – Herald, Friday January 6.
Zimbabwe managed to attract $250 million in foreign direct investment in 2011 which was above the $105 million secured in 2010, Economic Planning and Investment Promotion minister Tapiwa Mashakada has said – NewsDay, Friday January 6,
The Zimbabwe Farmers Union has said the agricultural sector will grow by 11.6% in 2012 courtesy of an anticipated output surge in tobacco, maize, cotton and soya bean. Zimbabwe Farmers Union executive director, Paul Zakariya said recently that the sector was likely to continue on the positive from the 2011 season during which crops such as maize and tobacco played a pivotal role in its success story – Herald, Tuesday January 3.