more Quotes
Connect with us

Business

ArcelorMittal injects millions into Zimbabwe – Bulawayo24 News

ARCELORMITTAL, one of the world’s largest steel producers which imports 70 percent of coke produced in Zimbabwe, is set to build coke oven batteries as part of the beneficiation and value addition process that will create thousands of jobs for the country.

Each coke oven battery is valued at US$15 million and coke batteries are planned for Hwange and Binga areas. A coke battery of such value produces about 10 000 tonnes of coke.

Since last year, the steel giant, which has been lured and enticed by President Mnangagwa’s “Zimbabwe is Open for Business” mantra and the investor-friendly environment, has injected about US$140 million through coke and coal purchases from producers in the Hwange region.

In the process it has directly created at least 700 jobs as companies supplying them employ people to process their orders.

Going forward, the company is expected to double its purchases from Zimbabwe in the next 12 months.

ArcelorMittal South Africa is also in collaborative discussions with steel plants in Zimbabwe so as to land value-added steel products in the country and region.

The procurement of coal and coke from Zimbabwe is part of ArcelorMittal South Africa’s “Africa Raw Materials Sourcing Strategy”, which has seen the company replacing raw materials from overseas with regional sources.

It has since started the first train direct delivery from Hwange to South Africa with plans afoot to revamp the country’s railway network in order to facilitate the smooth movement of goods between the two countries.

Speaking after meeting President Mnangagwa at State House in Harare yesterday, ArcelorMittal South Africa (Ltd) chief executive officer and director, Mr Kobus Verster, said in the last two years, trade with Zimbabwe has flourished.

Mr Verster said the purpose of the visit was to apprise the President on some of the projects that they are working on while appreciating how business is being smoothly run under the Second Republic.

“We understand Zimbabwe is open for business and we have experienced that. Jointly we can both participate and add value for both countries,” he said.

“We have been exporting steel to Zimbabwe for many years, but in the last 18 months we have been importing coal and coke. That is the area where we would like to increase more volumes.”

Mr Verster said depending on the security of coal for coke making, plans are afoot to produce coke locally for their consumption in South Africa.

“We are also going into agreements with people with coal concessions so that we can assist them build coke plants. We will engage with the steel industry and people in Zimbabwe to see what the opportunities are,” he said.



“I think (the President) enjoyed some of the issues we raised and the work that we are already doing. He guided us to work with specific entities in the ministries to advance this.”  

Mr Verster said they are substituting imports from Australia and America with Zimbabwean products and it is working well due to proximity issues and the advantage of skilled manpower.

“Proximity . . . we are just a river away. Our trucks usually take an average of 18 hours to reach the plant yet a ship would take about three months. This African-based sourcing strategy is working very well for the company,” he said.

“We have even opened up an exit route for raw materials because Beitbridge was getting congested. We got assistance from Zimra officials, the Ambassador and MMCZ and now we are sending our trucks through Botswana into South Africa.”

Mr Verster said the firm is ready to build coke plants and the money is available.

“We are buying 21 000 tonnes monthly of coke and 5 000 tonnes of coking coal and we are going to be pushing to 30 000t of coking coal and at least 50 000t of coke.

“Every month we are paying about US$10 million for raw materials going to South Africa,” he said.

Mr Verster said the first train delivery from Hwange to South Africa will be commissioned soon.

“On steel beneficiation and value addition, we want to go for collaboration with up-and-coming producers from Zimbabwe so that we may have value addition initiatives like wire drawing and making rods which adds value to the country.

“Last week we were at the Chivhu steel plant and exchanged notes. A delegation (from there) is expected to visit South Africa next week,” said Mr Verster.

ArcelorMittal South Africa also supplies various steel products into Zimbabwe, East Africa, the Southern African region and overseas.

The company also produces creosote, a key timber preservative which is used to treat products like electricity supply poles.

ArcelorMittal is a Luxembourgian multinational steel manufacturing corporation headquartered in Luxembourg City. It was formed in 2006 from the takeover and merger of Arcelor by Indian firm Mittal Steel. The company is the world’s second largest steel producer with an annual crude steel production of 88 million metric tonnes.

It is ranked 197th in the 2022 Fortune Global 500 ranking of the world’s largest corporations, employing 200 000 people indirectly and a market capitalisation of US$25 billion.

Continue Reading

Business

S Africa’s Ramaphosa faces impeachment threat over farm scandal – Zimbabwe Independent

An independent panel appointed by the speaker of South Africa’s parliament has found preliminary evidence that President Cyril Ramaphosa violated his oath of office, findings that could lead to his eventual impeachment.

Parliament will examine the report, which was submitted on Wednesday, and decide whether to push ahead with impeachment proceedings next week.

This comes just weeks before an elective conference that will decide if Ramaphosa gets to run for a second term on the governing African National Congress’s (ANC) ticket at 2024 polls.

The president immediately denied any wrongdoing and has not been charged with any crimes.

“I categorically deny that I have violated this oath in any way, and I similarly deny that I am guilty of any of the allegations made against me,” Ramaphosa said in a statement issued by the South African presidency on Wednesday.

On Thursday, he delayed an appearance in parliament to answer questions, requesting time to consider the report, noting that the panel’s recommendations had “implications for the stability of the country,” parliament said in a statement.

In June, it emerged that an estimated $4m in cash was stolen from Ramaphosa’s game farm in 2020, raising questions about how the billionaire president, who took to power on the promise of fighting corruption, acquired the money and whether he declared it.

The three-person panel was set up in September and tasked with ascertaining whether there was sufficient evidence to show that Ramaphosa committed a serious violation of the constitution or the law or grave misconduct, National Assembly speaker Nosiviwe Mapisa-Nqakula said when she was handed the report earlier on Wednesday.

The panel said Ramaphosa should face further scrutiny on his ability to stay in office.

“In all the circumstances, we think that the evidence presented to the Panel, prima facie, establishes that the president may be guilty of a serious violation of certain sections of the constitution,” the report found.

These include not reporting the theft directly to police, acting in a way inconsistent with holding office and exposing himself to a clash between his official responsibilities and his private business.

While Ramaphosa has confirmed that a robbery occurred at his farm, he said the cash was from proceeds from the sales of game. He has denied breaking the law or any regulations relating to his office.

John Steenhuisen, the leader of South Africa’s main opposition party, the Democratic Alliance (DA), said Ramaphosa was in a tight bind, Reuters news agency reported.

“The report itself leaves the president in a virtually untenable position, particularly as it relates to his own party’s step-aside rules and the strong line that he has taken against others within his party,” he said.

Ramaphosa came to power in 2018 on a promise to root out graft after the corruption-stained era of his former boss, Jacob Zuma, and has generally insisted that any party official accused of corruption leave office pending investigations.

The alleged cover-up has tarnished the president’s reputation and overshadowed his bid for re-election at the helm of the ANC.

Ramaphosa, 70, is the favourite to win at the ruling party’s December 16-20 conference, where he faces a challenge from Zweli Mkhize, 66, an ex-health minister who resigned from the government last year amid corruption allegations.

In November, the spokesperson to the president, Vincent Magwenya, told journalists that Ramaphosa would “gladly step aside” if he were to be criminally charged.

The chances of impeachment are slim given the ANC’s dominance of parliament, where it holds 230 seats, or nearly 60 percent of the total, and typically votes along party lines. Impeaching a president requires a two-thirds majority.

The inquiry is separate from a criminal investigation that police are conducting, and which Ramaphosa has welcomed.

The report will be debated in the national assembly on December 6, said the speaker, Mapisa-Nqakula.

Related Topics

Continue Reading

Business

America, Europe easing their stance on Zimbabwe – Bulawayo24 News

The current economic stability prevailing in the country is indirectly forcing the West to mend its relations with Zimbabwe, economic analysts have said.

Economic analysts, Abednigo Matsika said that the recent developments that include the invitation to the US-Africa summit and proposals towards re-joining the Commonwealth were a manifestation of how President Mnangagwa’s Engagement and Re-engagement policy was bearing fruits.

“We are witnessing a change of stance by the West on Zimbabwe. Of late, the West has been warming up to the Government and has been pouring money to support various developmental projects in the country. Recently, the EU pledged over 100 million Euros to support women empowerment and agriculture programmes in the country. This shows that relations between the West and Zimbabwe are thawing,” said Matsika.

Matsika added that days of Zimbabwe’s isolation by the West were coming to an end. He said the sudden surge of traffic by the EU, US and the United Kingdom (UK) into Zimbabwe was positive and will lead to the removal of the illegal sanctions imposed on the country by the West.

In explaining how Zimbabwe-West relations were warming up, Matsika said that last week, the country and EU signed financial agreements totalling US46 million under the Zimbabwe-EU cooperative programme. Matsika added that the US46 million aid was an affirmation that the engagement and re-engagement drive with the international community was bearing fruits and that the EU was rapidly moving out of the sanctions orbit.

According to Matsika, the recent visit by the Commonwealth delegation led by Assistant Secretary General, Luis Franschesci shows that the bloc was willing to have Zimbabwe as member of that community. He added that the imminent readmission of Zimbabwe to Commonwealth would spur economic growth and open an avalanche of business opportunities for the country.

Meanwhile, a source within CCC said that the thawing of relations between Zimbabwe and the West had triggered uncertainty within that party which traditionally survives on Zimbabwe’s isolation from the rest of the World. The CCC feels that these developments would rob it of an advantage of boasting that they have the keys to the removal of sanctions and to good relations with the West.

The source said that CCC was plotting to stage violent demonstrations to tarnish the image of the Government.



“The CCC leadership has been shocked by the thawing of relations between Zimbabwe and the West. We are now planning to stage violent demonstrations in a bid to compel the state security to arrest participants. The idea is to portray Zimbabwe as a country that represses the opposition voice,” said the source.

The source further claimed that Chamisa recently held a caucus meeting with his few trusted lieutenants and expressed worry over the surveys that continue to signpost a ZANU PF victory in the forthcoming elections.

According to the source, Chamisa informed his friends in the region and beyond that a political strategist had advised him to stage violent protests in the country and blame ZANU PF for the same. The move according to the source is meant to force the West to tighten up screws on sanctions.

“Without sanctions, we are gone. We must create conditions that help our supporters, including those in the UK and US to disrupt the reengagement process. We would disrupt the current economic stability .We need economic pain to win,” said the source.

The source added that Chamisa was assembling a team of ruffians who would stage the demonstrations and subsequently get arrested.

On the other side, a ZANU PF supporter Regai Chandiwana of Seke argued that the improvement of relations between Zimbabwe and the West and the possibility of the removal of sanctions would level the electoral playing field which had, hitherto been skewed in favour of the opposition.

“They had the advantage of holding the electorate hostage by threatening to ensure that sanctions would continue to bite if citizens do not vote for the CCC. If   sanctions are lifted, then for the first time in history elections would be fair,” said Chandiwana.

Meanwhile, efforts to get a comment from CCC interim national spokesperson, Fadzayi Mahere were futile as her phone was not reachable.

All articles and letters published on Bulawayo24 have been independently written by members of Bulawayo24’s community. The views of users published on Bulawayo24 are therefore their own and do not necessarily represent the views of Bulawayo24. Bulawayo24 editors also reserve the right to edit or delete any and all comments received.

Continue Reading

Business

National Foods new mill to increase capacity by 2 000 tonnes per month – The Zimbabwe Mail




ZIMBABWE Stock Exchange (ZSE) listed food processing giant National Foods Holdings Limited’s new mill at their Bulawayo site is set to increase wheat milling capacity by 2 000 tonnes per month.

In an annual report for 2022, the company’s chairman Mr Todd Moyo said the new mill is set to start operating early next year.

“The installation of the new mill at our Bulawayo site has commenced and the mill remains on track for commissioning early in 2023.

The new mill will increase wheat milling capacity by around 2 000 tons per month,” he said.
The establishment of the new flour mill in Bulawayo comes at a time the Government is pushing its devolution agenda of industrialising production zones to boost local economies through employment creation.

In an annual report for 2022, the company’s chairman Mr Todd Moyo said the new mill is set to start operating early next year.

The food processing giant is also embarking on an exciting period of expansion with the entry into a number of new categories, as it seeks to value and add its portfolio of basic products.

Mr Moyo said the introduction of a new milling plant will see the localised manufacturing of products, which had previously been imported, reducing foreign currency requirements and increasing demand for locally processed products.

This is in line with the Buy Zimbabwe campaign, which has seen more people buying more Zimbabwean-made products and is fully supported by the Government as it is critical in attaining an upper-middle-class status by 2030 anchored by the National Development Strategy 1 (NDS1).

“The prospects for the current winter wheat crop look encouraging which is a most welcome development as it will reduce import dependency. National Foods continues to play a major role in supporting the local contracted wheat crop,” he said.

The Buy Zimbabwe campaign has helped drive a robust private sector-led initiative resulting in increased local products and the creation of jobs consistent with NDS1.


The chairman added that National Foods continues to keenly support contract farming of maize, soya beans, wheat, sugar beans, sorghum and popcorn.

“During the current winter season around 12 000 hectares of wheat has been planted, representing a significant portion of the contracted crop.

that National Foods continues to keenly support contract farming of maize, soya beans, wheat, sugar beans, sorghum and popcorn.

“In addition to this, 40 000 tons of maize and soya beans were delivered during this year’s summer cropping programme.

“The various products grown under this programme now constitute a significant portion of the Group’s raw material requirements,” he said.

Meanwhile, the food giant’s revenue for the year increased by 33 percent to record $128,4 billion, driven by both volume growth and inflation-driven price increases.

The food giant’s revenue for the year increased by 33 percent to record $128,4 billion, driven by both volume growth and inflation-driven price increases.

The group’s volume for the period increased by eight percent to 569 000 tonnes from 523 480 tonnes compared to the prior year.


Continue Reading

Trending

Copyright © 2021 ZimFocus.

www.luzroyale.ky/

www.1africafocus.com

www.zimfocus.co.zw

www.classifieds.com/

One Zimbabwe Classifieds | ZimMarket

www.classifiedszim.com

www.1zimbabweclassifieds.co.zw

www.1southafricaclassifieds.com

www.1africaclassifieds.com

www.1usaclassifieds.com

www.computertraining.co.zw/

www.1itonlinetraining.com/

www.bbs-bitsbytesandstem.com/

Zimbabwe Market Classifieds | ZimMarket

1 Zimbabwe Market Classifieds | ZimMarket

www.1zimlegends.com

Linking Buyers To Sellers Is Our Business Tradition