Gvt invites bids for ZISCO revival

Government has made a call to investors for fresh bids to revive operations at the Zimbabwe Iron and Steel Company (ZISCO).

ZISCO closed at the height of hyper-inflation in 2008 and its revival has been a major commitment under the second republic.

Progressing with the revival, cabinet has set up an Inter-Ministerial Taskforce on the Resuscitation of ZISCO steel chaired by the Minister of Industry and Commerce Dr Nzenza while a new Zisco board has already been constituted.

In a letter of invitation to the tender, acting board chairman, Martin Manuhwa invited investors in availing funds for the resuscitation of ZISCO.

“Zisco is seeking investors who would be interested in availing funds [equity/debt] to resuscitate this former iron and steel producing company,” reads the letter.

Manuhwa added that evaluation of the lodged expression of interest will be carried out and successful investors will be invited to participate in the bidding process for the funding.

Expressions of interest should be delivered by April 30, 2021.

ZISCO, was once Africa’s largest integrated steel works with a capacity to produce one million tonnes of the commodity annually.

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