Zimbabwe has signed an agreement with Hong Kong-based R&F for the Chinese property firm to invest $1 billion to revive fallen steelmaker, Ziscosteel, Industry Minister MIke Bimha said on Thursday.
“We have already signed an agreement and we believe that in a very short while we should be able to unveil a tier agreement and give you the details, but for your own comfort Zisco, is very alive and we believe in the near future we should be able to give you more going forward,” Bimha told an exporters business meeting.
The deal was first announced in August when R&F founder Zhang Li met President Mugabe at the State House, but no details were released.
Ziscosteel was once Africa’s biggest integrated steel maker but folded operations in 2008 due to what analysts say was gross mismanagement and a failure by the state-owned firm to keep abreast with advancing technology.
The steelmaker’s latest angel investor is one of China’s richest businessmen, Zhang Li, whose net worth is $3.3 billion.