The President of Zimbabwe, Emmerson Mnangagwa, inaugurated the Palm River Energy Metallurgical Special Economic Zone in Beitbridge, backed by a 3.6 billion US dollar investment from Chinese company Xintai Resources. The project aims to produce chromium-based materials and coke over 12 years, significantly contributing to Zimbabwe’s industrialization, economy, job creation, and sustainability efforts.
The launch of the Palm River Energy Metallurgical Special Economic Zone in Beitbridge, Matabeleland South Province, was inaugurated by the President of Zimbabwe, Emmerson Mnangagwa. This industrial project is backed by a significant investment of 3.6 billion US dollars from the Chinese firm Xintai Resources and will unfold in five phases over the next twelve years. The primary objective of the zone is to manufacture chromium-based materials and coke.
President Mnangagwa expressed his optimism regarding the project, stating that it will be instrumental in facilitating the nation’s industrialization and modernization efforts. He anticipates that the project will significantly contribute to the national economy while providing considerable employment opportunities, driving technological advancements, and fostering social development.
He noted that this initiative marks a substantial step toward industrialization in Zimbabwe, emphasizing the integration of energy and metallurgy. Mnangagwa also highlighted that these integrated operations seek to promote sustainable mining practices, minimize greenhouse gas emissions, and promote energy self-sufficiency through effective recycling of waste products.
Furthermore, the President pointed out the importance of domestic mineral value addition, which enables Zimbabwe to maximize the advantages of its rich natural resources. He called for enhancing revenue from exports, creating job opportunities, diversifying the economy, advancing industrial development, and improving local infrastructure. He stated that the focus must be on elevating investments in mineral exploration and value addition to ultimately drive industry growth and economic advancement.
In 2018, the Beitbridge area was designated as a special economic zone by Mnangagwa to attract foreign direct investment and improve the competitive edge of local businesses. This recent project reinforces this designation and aims at transforming the industrial landscape of the region.
The establishment of the Palm River Energy Metallurgical Special Economic Zone represents a pivotal advancement in Zimbabwe’s industrial sector, driven by substantial Chinese investment. The project’s focus on chromium production is set to facilitate economic growth through job creation and technological development while prioritizing sustainability. In promoting local value addition and integration across sectors, Zimbabwe seeks to enhance its industrial capabilities and improve its economic resilience.
Original Source: www.zawya.com
