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Dinson steel plant construction on track to meet December target – The Herald

Oliver Kazunga

Senior Business Reporter

DINSON Iron and Steel Company (Disco) says construction of its US$1,5 billion steel plant in Manhize near Mvuma is 78 percent complete with the project on track to meet the December 2023 commissioning target.

The development of the steelworks believed to be Africa’s largest integrated steel plant, began in 2022 with an initial production deadline of August this year, but this has since been moved to December following delays that resulted from incessant rains the country experienced early this year.

Disco is one of the three local subsidiaries of China’s largest stainless steel producer, Tsingshan Holdings Group Limited.

It also owns Dinson Colliery in Hwange in Matabeleland North Province and a ferrochrome plant, Afrochine Smelting Limited in Selous.

In an interview on Monday, Disco project director Mr Wilfred Motsi said overall the steelworks project was now 78 percent complete while the construction of the electricity transmission line from Sherwood to Manhize was also progressing well.

The company has also announced the intention to develop three greenfield power projects with a combined output of 300MW.

The three power projects are solar, wind and heat from the steel plant’s operations which will be converted into electricity.

The plant will need about 500MW under the first phase of the steel production.

“In terms of construction of the steel plant the project is now 78 percent complete and our wish is to meet the December commissioning deadline which at the moment we are on track to achieve.

“We have also cleared the 100-kilometre stretch from Sherwood in Kwekwe to the steel plant for the power transmission line and also the foundations for the pylons of that transmission line all have been completed while at the site construction of the support infrastructure is under construction.“We are also in the process of constructing a power workshop that we hope will be complete by the time the first blast furnace is switched on in December. Heat produced from the power workshop will be converted into electricity,” he said.

Zimbabwe is poised to become Africa’s largest steel producer and seventh in the world when the Manhize steel plant becomes operational.

The project will be commissioned in phases starting with an annual production of 600 000 tonnes, which will be gradually ramped up to 1,2 million in the second phase and 2,4 million in the next phase before reaching five million in the final phase.

When Zisco was operating at its peak in the late 1990s producing about 1,2 million tonnes of steel annually, Zimbabwe was Africa’s biggest iron and steel producer.

However, Zisco seized operations in 2008. Mr Motsi dismissed reports that the company was importing raw materials such as cement and bricks for the Manhize steel plant.

“It is not true that we are importing cement.

“We are sourcing it from local cement producers. “However, what we are importing from China and Hong Kong are those refractory bricks used when building blast furnaces,” he said. According to ZimTrade, potential export steel markets for Zimbabwe include Zambia, Botswana, Angola, the Democratic Republic of Congo, Malawi, Mozambique, and Namibia.

According to Trade Map, Zambia imported iron and steel worth around US$226 million in 2020, with the majority coming from South Africa (US$113 million), China (US$64 million), Chile (US$27 million), and India (US$3 million). In terms of quantities, Zambia has been importing more iron and steel over the years, from around 58 000 tonnes in 2018 to around 81 000 in 2021.

“Leveraging on Zimbabwe’s short distance to Zambia, there is potential for Manhize Iron Steel Plant to produce products that will compete well in the neighboring country,” said Zimtrade.

In Malawi, most of the iron and steel imports, worth around US$83 million in 2021 came from China. The other major suppliers are South Africa, Zambia, and Mozambique. In terms of quantities, Malawi imported 39 000 tonnes of iron and steel in 2021.

During the same year, Mozambique also imported around 111 000 tonnes, valued at US$99 million. Major suppliers were South Africa, China, Japan, Turkey, and Portugal. Namibia in 2021 imported 26 000 tonnes of iron and steel worth around US$95 million, with major suppliers being South Africa, China, and Zambia.

For DRC, the import value of  46 000 tonnes of iron and steel was about US$126 million in 2021, with major suppliers being South Africa, China, Zambia, and Turkey.

“Considering the proximity of these markets, and their current source markets, that are as far as Asia and Europe, there is no doubt that locally produced iron and steel will compete well in the region,” said Zimtrade.

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Chenhaka Trust to train 60 performing arts professionals – Chronicle

Chenhaka Trust to train 60 performing arts professionals

Mbulelo Mpofu, [email protected]

THE names of 60 dance professionals who will benefit from the Performing Arts Business and Digital Distribution project (PABDID) in Bulawayo have been released by the Mutare-based Chenhaka Trust, an innovative organisation for community development.

The Zimbabwe International Exhibition Centre’s Sabela Studios will host the PABDID, which will start today (26 September) and end on 12 October.

Five primary topics will be covered; booking and tour management, stage management and lighting design, performing arts digital distribution skills, artistic freedom and decent work, arts management and financial literacy, and tax compliance and obligation in partnership with Zimbabwe Revenue Authority (Zimra).

The 60 participants were selected from 27 applications received from Bulawayo, Matabeleland North, and South provinces.

The selection criteria included the quality of the application, the existence and experience of the group or individual in the dance sector, and the representation of women and people living with disabilities. Out of the 60 participants, 37 are women and 23 are men.

These include but not limited to personnel from the following dance ensembles; Khaya Arts Productions, Umkhathi Theatre Works, Pumula Junction Dance Crew, Iluba Lemvelo, Hloseni Arts Ensemble, and Iyasa.

The project is funded by the Sound Connects Fund, an initiative by the Music In Africa Foundation (MIAF) and Goethe-Institut. The Sound Connects Fund is made possible with funding from the ACP-EU Culture Programme, a project implemented by the Secretariat of the African, Caribbean and Pacific (ACP) Group of States and funded by the European Union (EU). The Fund is also co-funded by Goethe-Institut and Siemens Stiftung.

Chenhaka Trust is an arts organisation that promotes cultural diversity, social cohesion and human rights through dance, theatre and music. Since 2019, the Trust has been on a drive to transform lives through arts and has implemented various projects in collaboration with local and international partners.

The Trust’s head of programming, Taurai Moyo, said he was looking forward to working with the selected participants and hoped that the training would empower them to pursue their artistic careers and contribute to the development of the dance sector in Zimbabwe.

“We are very excited to be announcing the 60 successful dance sector professionals who will be trained in Matabeleland region of Zimbabwe through the Performing Arts Business and Digital Distribution project. We are also hoping to have the performing artistes will use the knowledge from the workshop to develop their craft,” he said.

The project started in Mashonaland region where Harare, Mashonaland West, Mashonaland East, and Mashonaland Central performing artists were trained in July and August.

The Matabeleland region (Bulawayo, Matabeleland North, South, and Midlands provinces) will be hosted by Bulawayo Province starting next week.

The Manyika and Karanga region, which is Manicaland and Masvingo Province, training will take place in Mutare next month.

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Bruising Access Finance shareholder battle laid bare in court … –

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HARARE – Details of how local financial services firm Access Finance (Pvt) Ltd and related entities’ shareholders acrimoniously fell out have emerged, showing company executives fiercely clashed after the CEO reneged on a deal to sell 10 percent equity to the managing director at a time they were minting money.

Court documents obtained by show that former Access Finance CEO Singathini Raymond Chigogwana and former managing director Senziwani Sikhosana fought over a shareholding deal, leading to an acrimonious split.

Both Chigogwana and Sikhosana have since left Access Finance under a cloud of controversy, endangering the survival of the company.

When they started working together in 2014, the two businessmen had agreed that after sometime Chigogwana, who was the majority shareholder, would sell 10 percent of his shareholding to his partner, Sikhosana.

As chief executive, Chigogwana owned 54 percent shareholding, Sikhosana, who was managing director 20 percent, and their chairman Isau Bwerinofa 26 percent.

However, when the time came to do the deal Chigogwana reneged. A dispute subsequently erupted and in the process deteriorated into a bitter row, which made an amicable settlement or working together going forward impossible.

Chigogwana and Sikhosana were business partners running several companies, Access Forex (Pvt) Ltd, Access Finance (Pvt) Ltd, Tara Capital (Pvt) Ltd, Thirty-Six Mountbatten (Pvt) Ltd as well as Access Forex SA (Pty) Ltd, until a nasty fight broke out over shareholding last year, leading to the court action.

The battle over the companies’ equities and properties has left the businesses on the brink after the two key shareholders exited the business in two separate deals amid irreconcilable disagreements.

Sikhosana left last year and Chigogwana announced his exit last week.

Chigogwana will be replaced as CEO by Salim Eceolaza, the former Simbisa Brands Limited group finance director who steered its unbundling from Innscor Africa Limited and oversaw its listing on the Zimbabwe Stock Exchange.

The fallout between the two forced Sikhosana to sell his shareholding to the company. Initially he wanted US$1 million, but he eventually agreed to US$600 000 reluctantly.

The US$600,000 buyout deal included a cash payment of US$280,000 less US$140,000 as an offset transaction over Sikhosana’s debt to the company, with the US$140,000 balance being paid into two installments of US$80,000 and US$60,000 separately.

It was also agreed Sikhosana would get three townhouse units valued US$320,000.

The cash payments were delivered, but the properties and title deeds have not yet been transferred.

As a result, Sikhosana had to go to the High Court to claim his properties.

The applicants in case HC1007/23 are Sikhosana and his entities Ferden Investments, Rock Drill Mining and Seanmart Investments, while the respondents are Chigogwana, Bwerinofa, Thirty-Six Mountabatten, Access Finance, Access Forex, Tara Capital, The Sheriff of the High Court and the Registrar of Deeds and Companies.

Specifically, the two former business partners are currently at each other’s throats over a real estate development – No. 36 Mountbatten Complex – in Marlborough, Harare, which has 37 townhouse units valued US$3.9 million. Three of those properties are subject to the court action.

Sikhosana is seeking a court order to “compel transfer of the immoveable property known as Units number 19, 8 and 22 in certain piece of land situate in the District of Salisbury called Lot 88 Marlborough Township of Marlborough measuring 1.1525 hectares, held under deed of transfer No. 3816/2027 dated 27th September 2017.”

The draft order sought adds: “The 1st, 2nd and 3rd respondents (Chigogwana, Bwerinofa and 36 Mountbatten respectively) be and are hereby ordered to ordered to sign all transfer papers, make all appearances, pay all tax obligations and related imposts as may be necessary to effect transfer of transfer Units number 19, 8 and 22 in certain piece of land situate in the District of Salisbury called Lot 88 Marlborough Township of Marlborough measuring 1.1525 hectares, held under deed of transfer No. 3816/2027 dated 27th September 2017 to the 2nd, 3rd and 4th applicants (Ferden, Rock Drill and Seanmart) respectively within 14 days of the granting of this order.

“In the event that 1st, 2nd and 3rd respondents fail or refuse to transfer the housing units as ordered in (1) above, then in that event 4th respondent be and is hereby authorised to sign and execute all papers, attach and sale in execution such property of the 1st, 2nd and 3rd respondents as is sufficient to pay for all and any lawful taxes, imposts and costs as are conventionally payable by a transferor and do all such things as are necessary to pass transfer of units 19, 8 and 22 to the 2nd, 3rd and 4th applicants respectively and the 5th respondent be and is hereby ordered to effect transfer in his records to give effect to the transfer.

“Alternatively, the 1st, 2nd, 3rd, 4th, 5th and 6th respondents jointly and severally the one paying the other to be absolved be and are hereby ordered to pay the to the applicants the sum of US$320,000 being the agreed value for units number 19, 8 and 22…

“In the event that the 1st,2nd, 3rd, 4th 5th and 6th respondents fail or refuse to pay the sum of US$320,000 in terms of paragraph (4) above, then in that event the 7th respondent be and is hereby authorised to attach such property of the 1st, 2nd, 3rd, 4th, 5th and 6th respondents and cause to be realised the sum of US$320,000 and pay over to the applicants.

Sikhosana also wants Chigogwana and the other respondents to pay all the costs of the transfer of the properties as well as legal costs.

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All set for Quiz finals after dramatic group stage battles – The Herald

Malvern Nkomo

Herald Reporter

Four schools have made it to the finals of the 2023 Capital Markets High Schools Quiz competition to be hosted this Friday by our sister publication Business Weekly in partnership with UK-based Financial Markets Indaba.

These schools include: Errymaple International School which won in Pool A, Marist Nyanga High School from Pool B, Midlands Christian College which won in Pool C and Cygnet Private College from Pool D.

The schools, which battled it out on Thursday and Friday last week will now have to compete to be champions in the final quiz competitions at the Management Training Bureau in Harare.

Representing Errymaple International School, Team Captain Calvin Makanza, said, “Participating in the quiz was a bit tough but also felt great considering that there were four teams battling for first place.”

He also said being part of the competition requires one to be tactical in terms of speed and accuracy.

“The lessons I have learnt from participating is that we need to advance our knowledge and be well prepared.

“Now that we have made it to the finals we now have the duty to polish up the areas we were struggling with so that we emerge the winners of the overall quiz competition,” said Makanza.

Errymaple International School is based in Zvishavane, the Midlands Province in Zimbabwe.

Learner, Emmanuel Chidzimba representing Marist Nyanga, said: “It feels really great to be part of the quiz. We started on a low note but we still managed to recover and we managed to win.

“The goal now that we have secured our place in the finals we have to keep on moving forward and keep the concentration for us to be crowned the champions.

“This is our first time participating, last year we did not know that these competitions existed,” said Chidzimba.

“As a commercials student, this competition helps me in my studies and subjects like Economics and Accounting. One of my ambitions is to become part of the Zimbabwe Stock Exchange that is why I am majoring in these commercial subjects.

“I am glad these competitions are educational because it is not always about competition but it is about what you are going to learn and the experiences that you acquire.

“The pressure now is a bit low but we still have the finals ahead of us and we need to prepare ourselves,” he said.

Midlands Christian College team captain, Tashinga Denga said; “Being the winner of pool C feels quite great. Some of my team members were quite anxious but at the end of the day we pushed through and hopefully, we will do the same thing when we come back for the finals.”

Anesuishe Sasa from Cygnet Private College said; “It is a privilege for me and my colleagues to have won in this round and the lesson we derived from participating is that it is never too late to do the right thing. So winning this competition gives us hope and we now have to prepare for the finals so that we become the ultimate winners.”

Headline sponsor Old Mutual said; “Old Mutual Investment Group (OMIG) is delighted to sponsor this year’s Capital Markets High Schools Quiz as the headline sponsor. The Quiz, which Financial Markets Indaba hosts in partnership with Business Weekly, provides a vital platform to motivate, inspire, encourage, and reward High School students in their quest for knowledge and give them the opportunity to celebrate their achievement as part of a high profile, national competition.

“Old Mutual views the quiz as an essential platform to educate high school students and the entire nation on the critical role played by capital markets in fostering a savings culture among the general populace, which savings will contribute towards economic development. Old Mutual runs an extensive financial education programme, and this sponsorship enhances our reach, particularly to high school students.

“Our view is that every individual ought to have some level of appreciation or understanding of financial products offered in Zimbabwe. This is to ensure that every investment or savings decision is informed, with clarity on the financial benefits to be derived and the amount of risk inherent in those products,” said Old Mutual.

“At Old Mutual, we are passionate about financial education and participation by all categories of investors in financial and capital market activities, hence our sponsorship of this year’s event. As a key player in the financial and capital markets, we offer a wide range of affordable investment products for a range of investors. Our product suite enables investors to choose products that best suit their investment objectives, risk appetite and investment horizon,” it said.

Olivine Industries through their Buttercup brand was also the headline sponsor of the 2023 quiz competition.

POSB public relations manager, David Makacha said; “As POSB we are proud to be part of the Capital Markets High School Quiz initiative which seeks to educate and empower the next generation of investors and entrepreneurs. The Bank is committed to providing affordable and accessible banking solutions to all Zimbabweans, especially the youths to promote financial inclusivity.

“We are delighted to sponsor the Capital Markets High School Quiz Competition, which aligns well with our vision of creating a financially inclusive society. We believe that this competition will inspire and equip young people with the necessary financial literacy and skills to participate in the capital markets and create self-jobs when they leave school,” he said.

Other sponsors of the quiz include Milano Office Chairs, Glass Creations, Tika Shoes, Tigere Property Fund, AFC Holdings, Chicken Inn, C-Trade, Management Training Bureau and National Foods through their Nutri Active brand.

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