ZISCOZimbabwe Iron and Steel Company
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Zisco is one of the subsidiary companies of the Middle East Mines Industries Development Holding Company (MIDHCO), added the report.
Also, ZWNEWS reported in December last year that US$500,000 had been siphoned off by senior politicians during a deal that involved Zisco purchasing two companies, Ramotswa and Tswana, in Botswana.
The materials handling facilities designed and built by Bateman for the restructuring of Zimbabwe Iron and Steel Co (Zisco) at Redcliff near KweKwe, Zimbabwe, have been operating well since commissioning last year.
Essar Africa Holdings owned iron processor NewZim Steel (formerly Zisco Steel) declared that it is planning to retrench following the recommencement of its operations.
In one of the biggest foreign direct investments in Zimbabwe in recent years, Indian metals giant, Global Steel Holdings (GSH) will inject $400m to rehabilitate Zimbabwe's decrepit iron and steel works (Zisco) in a makeover that will increase output 17 times.
Another government operation, the Zisco iron and steel organisation, was put up for sale at the end of the year.
It will re-employ all 4,000 ex-employees at Zisco and create 6,000 more jobs, increasing this to 10,000.
Likely to come under the hammer are the national carrier Air Zimbabwe, Cold Storage Commission (abattoir services), National Railways, iron and steel company Zisco and Noczim (fuels).
In terms of different minerals, the highest return was for gold mining (average of 15%) while both base metal and ferrous made losses over the period (-4% and -18%), though excluding Botswana RST, base metal mining cut even on average, and excluding Zisco, ferrous mining and smelting had a return of 7%.
Circuit breakers will be replaced at Sherwood (near Kwekwe), Gweru, Zvishavane, Victoria Falls, Marvel (in Bulawayo), Kadoma and Zisco substations.
Another sales office has been set up in northern Namibia and Steelmakers Ltd., a Mombasa based company, has agreed to sell Zisco's products in Kenya.
The $750mn sale of controlling stakes in the assets of Zimbabwe Iron & Steel Company Limited (ZISCO) and Buchwa Iron Mining Company (BIMCO) by the Government of Zimbabwe to Essar Group, a major Indian multinational engineering conglomerate.