Zimbabwe’s public sector unit (PSU), Zisco Steel, is looking for finance to revive its operations and has given potential investors a deadline of Apr 30 to submit their letters of interest for the PSU.
Martin Manuhwa, Acting chairman, Zisco told the media on Tuesday that the unit is looking for equity or debt funding through a bidding process of successful investors. He reiterated that the acceptance would be subject to investors agreeing on contracting at least 35pc of the engineering, procurement, and construction locally.
Zisco owns a wire product company and an iron ore mining unit with an installed capacity of 2.16mn mt of ore per year; it is an 89pc state-owned entity.
The government had made attempts in the past to revive the unit with little or no success. In June last year, the Zimbabwe government had deployed a task force for the purpose; but was unable to find the momentum to revive the steel plant.