Zimbabwean Industry Minister Welshman Ncube has announced that India-based conglomerate Essar Group plans to invest $2-4 billion to build an iron ore dressing plant in Mwenezi in the south of Zimbabwe.
Minister Ncube said Essar's investment would be the biggest witnessed in the local mining industry in the past 10 years.
Last month Essar acquired local Zimbabwean iron ore and steel company Parastatal Ziscosteel. This company was one of the largest iron ore producers in Africa before going bankrupt three years ago. It reopened on August 3 with its new name New Zimbabwe Steel, and its annual steel output is expected to reach 2.5 million mt.