The
Palm
River
Energy
Metallurgical
Special
Economic
Zone
in
Beitbridge,
Matabeleland
South
Province,
with
a
3.6-billion-U.S.-dollar
investment
by
Chinese
company
Xintai
Resources,
will
be
implemented
in
five
phases
over
12
years,
targeting
to
produce
chromium-based
materials
and
coke.
“It
is
my
expectation
that
the
Palm
River
Energy
Metallurgical
Special
Economic
Zone
project
will
play
its
part
as
a
critical
block
for
our
nation’s
industrialization
and
modernization.
We
look
forward
to
this
project
helping
to
drive
our
national
economy
forward
and
unlocking
unprecedented
opportunities
for
employment,
technological
progress,
and
social
development,”
said
Mnangagwa.
He
said
the
project
is
a
huge
boost
to
Zimbabwe’s
path
to
industrialization
as
it
integrates
energy
and
metallurgy,
two
critical
sectors
with
the
potential
to
redefine
the
country’s
industrial
landscape.
“These
integrated
systems
and
processes
highlight
the
drive
toward
issues
of
sustainable
mining,
low
greenhouse
gas
emissions,
low
waste
production,
and
energy
self-sufficiency
through
recycling
of
the
resultant
waste,”
said
Mnangagwa.
According
to
the
president,
domestic
mineral
value
addition
ensures
that
Zimbabwe
derives
maximum
benefits
from
its
abundant
natural
resource
endowments.
“To
this
end,
the
promotion
of
revenue
from
exports,
job
creation,
economic
diversification,
industrial
development,
reduced
dependence
on
raw
commodity
prices,
technological
advancement,
and
improved
local
infrastructure
development
should
be
scaled
up,”
Mnangagwa
said.
“We
are
dedicated
to
prioritizing
enhanced
investments
in
exploration
and,
most
importantly,
value
addition
of
minerals
driving
toward
industry
development
and
economic
growth,”
he
added.
In
2018,
Mnangagwa
declared
Beitbridge
a
special
economic
zone
to
enhance
foreign
direct
investment
and
improve
local
business
competitiveness.
Post
published
in:
Business