The revival of Redcliff-based ZiscoSteel is taking shape with investor Kuvimba Mining House now hiring key personnel to run the company.
Last year, the Government identified Kuvimba Mining to oversee the revival of ZiscoSteel, which was once one of the biggest producers and exporters of steel in Southern Africa.
Kuvimba Mining has since identified a German-based firm, SMS Group, one of the leading international companies in the steel industry, to provide technical and financial support.
ZiscoSteel public relations manager Mr Sebastian Manyika said a lot of work has been happening behind the scenes to revive the steel giant.
The company has placed advertisements for the post of chief finance officer and company secretary.
“The company has started with the recruitment of the chief finance officer and the company secretary and this is part of the revival drive,” he said.
The new investors were working round the clock to ensure ZiscoSteel, which closed a decade ago, starts operating.
“A lot is happening most of which, however, still behind the scenes to make sure that the company is up,” he said.
Kuvimba Mining has private and State shareholding and has been resuscitating gold mines across the country including Shamva Gold Mine and Freda Rebecca Gold Mine in Bindura.
The firm was chosen by Cabinet as the investment partner for the resuscitation of ZiscoSteel.
After leading the revival of some gold mines, Kuvimba Mining last year paid an inaugural US$5,2 million dividend to the Government and some of its local shareholders following a positive performance.
Already, Kuvimba Mining owns some of the country’s most valuable mining assets cutting across a range of minerals including gold, nickel and chrome.
The process of identification of an investor for ZiscoSteel was undertaken under the guidance of the Zimbabwe Investment and Development Agency, with input from the State Enterprises Restructuring Agency.
Initially nine prospective investors expressed their interest and after review, four bidders were shortlisted until Kuvimba Mining was recommended. – The Herald
