A ferrochrome plant is to be initiated in Zimbabwe through a joint venture initiative to be financed by the China-Africa Develop

A FERROCHROME PLANT is to be initiated in Zimbabwe through a joint venture initiative to be financed by the China-Africa Development Fund (CADF). CADF, which is financed by the China Development Bank, has earmarked. US$90mn for four African projects including the ferrochrome plant project. The plant is being established through a joint venture between the state-owned Sinosteel Corp in Zimbabwe and Zimasco consolidated Enterprises. Sinosteel became a controlling shareholder of Zimasco Consolidated Enterprises, the Mauritius-based holding company of Zimasco Holdings Ltd of Zimbabwe after buying off a 73 per cent stake in the company in December 2007.

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