Zimbabwean President Mnangagwa has launched the Palm River Energy Metallurgical Special Economic Zone, a $3.6 billion investment by Chinese company Xintai Resources. The project will produce chromium-based materials and coke, integrate energy and metallurgy, and is expected to create jobs and stimulate the economy. It aims to enhance local mineral value addition, promote sustainable mining practices, and boost exports.
The Palm River Energy Metallurgical Special Economic Zone in Beitbridge, Matabeleland South Province, is a significant industrial initiative backed by a $3.6 billion investment from Chinese firm Xintai Resources. The project will unfold in five phases over a span of 12 years, primarily focusing on the production of chromium-based materials and coke.
President Mnangagwa expressed optimism that this project will be pivotal in advancing Zimbabwe’s industrialization and modernization efforts. He highlighted the potential of the initiative to stimulate the economy, generate jobs, foster technological advancement, and promote social development.
Emphasizing the significance of integrating energy and metallurgy, Mnangagwa noted that these sectors could transform Zimbabwe’s industrial framework. The project aims to champion sustainable mining practices, manage greenhouse gas emissions, minimize waste, and achieve energy self-sufficiency through waste recycling.
According to the president, enhancing local mineral value addition is crucial for Zimbabwe to maximize the advantages stemming from its rich natural resources. He stated that boosting export revenue, creating jobs, fostering economic diversification, and enhancing local infrastructure are essential goals that must be prioritized.
The president also asserted a commitment to increasing investments in mineral exploration and value addition as essential components for industrial growth and economic expansion. In 2018, he designated Beitbridge as a special economic zone to attract foreign investment and enhance the competitiveness of local enterprises.
The establishment of the Palm River Energy Metallurgical Special Economic Zone marks a significant step in Zimbabwe’s industrial journey, with substantial foreign investment poised to generate economic growth. The project’s focus on sustainable practices and value addition is geared towards leveraging the nation’s mineral wealth for enhanced socioeconomic development.
Original Source: www.zawya.com
