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Who said Zimbabwe was under sanctions?
5′
Zimbabwe strikes US$105m steel deal
04 Nov, 2022 – 00:11 2022-11-03T23:16:00+00:002022-11-04T00:03:23+00:00
The Chronicle
Kudakwashe Mugari, In Abidjan, Cote d’Ivoire
FROM economic reforms that are investor friendly, and offering incentives on investment, Zimbabwe, under the Second Republic, has turned the corner in its re-engagement efforts with the international community leading to a marked change in perceptions on the global arena, thus attracting foreign direct investment.
Speaking to investors at the ongoing Africa Investment Forum 2022 here on Wednesday ahead of the taking up of a US$105 million steelmaking project.
President Mnangagwa said his Government was aware that capital is fearful, and, therefore, averse to volatility of any nature, hence the implementation of comprehensive reforms by his Government.
“Through the Second Republic, things have changed drastically. We have a policy; our foreign policy is to engage and re-engage. We engage with all nations of the international community, for we are a friend to all,” he said.
“We realised that global capital can only go to economic predictions where they feel comfortable. So, we have instituted comprehensive economic reforms in the country in order to be competitive. And, I can assure you that we are receiving more investment now than even before sanctions.”
The Steelmakers Limited-supported project finance venture is one of the three dealsworth a combined portfolio of US$265 400 000 that the Zimbabwean delegation, led by the President, presented to the forum for possible funding.
It involves the construction, set-up and installation of an integrated steel plant to produce about 300 000 tonnes of merchant mill-rolled products yearly.
There will also be a 300MW power plant.
The creation of a conducive environment through ease of doing business has seen the cost of commerce drastically improving.
On natural resources, particularly iron and steel, President Mnangagwa encouraged investors to take up opportunities created through Steelmakers, saying Zimbabwe has “huge unearthed reserves” of iron ore.
“Those who want to make money go to Steelmakers (Limited). You will make money. Just like all other developing countries, we have been constructing railway lines, dams, roads, housing, and airports in all these sectors and the market assessment is huge,” he said.
There is a huge market for steel products in Africa, with 37,4 million tonnes having been used on the continent in 2021, about 19,9 million of which is imported.
“I have no doubt that if we get enough funding, in terms of resources we have enough. Down the line, in five years or so, we will be able to contribute significantly to the 93 percent of steel imported outside of the continent,” the President said.
“The other company, a Chinese company (Dinson Iron and Steel Company), we allocated them a concession. And, that area has over 32 billion metric tonnes of resources. I think that will go beyond 100 years. Those who want to invest in steelmaking, this is the area which you may invest in.”
President Mnangagwa’s speech whetted investor appetite, leading to a commitment to the steelmaking project.
In an interview here last night, Steelmakers Limited chief executive officer, Dr Kalpesh Patel, confirmed the interest shown in the deal, adding that further details will be availed in due course.
“The simple word is we won. We have secured funding, and we have started the work on the ground. The details will emerge. These have just been discussions that have emanated from the commitment. And, it has to do with funding of the expansion of the steel plant, which will take us to 300 tonnes plus a 300 megawatt power plant.
“This is the investment we have been talking about, US$150 million. About US$105 million has already been secured plus the US$45 million we have had today will also be forthcoming. We are under means of confidentiality for now, but with time it will be known.”
The firm envisages to use the funds to expand operations in the Masvingo area, and acquire concessions for more iron ore deposits as well as increase their steel products.
Finance and Economic Development Minister, Professor Mthuli Ncube, said in the next three to five years, Zimbabwe will be the major steel producer in Africa.
Finance and Economic Development Minister, Professor Mthuli Ncube
“We will see the ramp-up in steel production through the growth of Steelmakers, the launch of the Manhize steel project, and the revival of Zisco Steel. We are in a good space to be a major producer of steel,” he said.
Prof Ncube said investors at the Africa Investment Forum 2022 have shown a lot of interest in Zimbabwe.
“His Excellency was able to put up a good speech in terms of Zimbabwe being open for business,” he said.
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A dance with ‘aliens’ . . . Zimbabwe joins space race with satellite launch
05 Nov, 2022 – 00:11
The Chronicle
Nqobile Tshili, Chronicle Reporter
ZIMBABWEANS have always looked up into the night sky, but they never dreamed that one day the country would occupy space and “dance with aliens”. But in a few hours, the fantasy the nation had never conjured up — that is until President Mnangagwa came into power — will become reality.
On October 4, 1957, Russia became the first country to launch the first artificial satellite, Sputnik 1, into space. That “colonisation” of space fuelled a technological sprint that saw the United States and other countries follow suit in exploring space.
At 11am tomorrow Zimbabwe will join the league of nations that have launched satellites into space when it sends its first satellite, ZimSat-1, into orbit after developing it through the BIRDS project.
The Live coverage and countdown commentary will begin at (11:30am Zimbabwe Time) 5:30 a.m. EST on Sunday, November 6, and air on NASA Television and the agency’s website, as well as YouTube, Twitter, and NASA’s App.
The launch of ZimSat-1 is a culmination of a process that commenced in 2018 when President Mnangagwa launched the Zimbabwe National Geospatial and Space Agency (ZINGSA). The development is part of the country’s plan to meet other nations and become an upper-middle-income economy by 2030. President Mnangagwa pledged more support to ZINGSA to see the growth of a technology innovation environment that supports the development and use of new technologies.
It is also a milestone that will enhance mineral exploration and monitoring of environmental hazards and droughts. Additionally, it will aid in mapping human settlements and disease outbreaks, among other capabilities.
President Mnangagwa
ZimSat-1, a nanosatellite, will deploy from the Japanese KIBO Module after a long delay caused by Covid-19. The satellite is a 1U educational and amateur radio mission CubeSat manufactured under the Kyushu Institute of Technology in Japan. Many experts consider the programme the first baby steps of the country’s fledgling space programme.
ZINGSA co-ordinator Painos Gweme said the launch will kick-start the transformation of Zimbabwe.
“The first one is the rocket leaving earth to the international space station where it is going to dock and take out the cargo into the international space station. And this one is going to start on 6 November. The actual deployment of ZimSat-1 into space will be through the Japanese module.
“Remember we are doing this satellite development together with the Japanese. It is going to be deployed in the KIBO module, it happens after two-three weeks after this November 6 and we have scheduled for November 21. There can be some changes, it is not definite and guaranteed that on November 26 it is going to get into deployment. It will depend on the weather and other issues.”
The launch of a Japanese space ship
Gweme said the country will use the satellite to access real time information that can aid development.
“This has a multi-sectoral camera which has a remote standing camera which we are going to use primarily for agricultural application, crop yield estimation, land cover and land use. We can see our forestry and the change over time because it has what we call a store and forward mission as part of the pilot which we are going to use together with the ground centre terminal,” said Gweme.
The satellite has sensors which can be used to sense humidity and this information can be downloaded at the ground station in Mazowe, Mashonaland Central. It can also be used for urban and rural planning.
The work towards occupying space has seen three Zimbabwean scientists being trained. They will be in charge of the satellite launch programme.
covid-19
“Through this satellite, we managed to develop human capital. For the past two years, our teams have been training in Japan on how to assemble, design and test and launch satellites. So, they are coming to launch, so we now have skills back home.
“So we are going to do everything, development, management and assembling. The launch pad is a bigger project and we don’t have it right now but sooner we will have to work them over here. But other things we are now capable of doing ourselves. We sent three guys who are coming back with masters and another with a doctorate in aerospace engineering.
Since its launch, ZINGSA has developed a National Wetlands Masterplan through its Geospatial Science and Earth Observation department. The department also developed a Revised Agro-Ecological Map for Zimbabwe.
“We have done the wetland masterplan for the country for the Environmental Management Authority.
We have revived the agro-ecological map which was last done in 1964 and we have redone it to conform to what is obtaining now.
“We have done aerial mapping to identify dysfunctional areas in all cities through the use of drones. We now give local authorities information on those who are occupying land illegally,” he said.
@nqotshili
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