Tsingshan Holdings chairman Mr Xiang Guangda says the Chinese giant, which has just signed agreements to enter into lithium mining and processing in Zimbabwe, will invest in green energy production to ensure supplies to its huge investment and to the country.
“Tsingshan has a long-term vision, we intend to use green energy to produce green products. Due to the fast development in industrialisation, the major challenge is power generation. We want to come up with a solution to these power challenges. To make sure we can supply power to the country as well as our investments, said Mr Xiang Guangda.
He was speaking at State House, Harare this Tuesday evening.during the ceremony to sign an addendum to the memorandum of understanding between the Zimbabwe government and Tsingshan Holdings.
Zimbabwe has faced power shortages for years with the current deficit mostly due to Kariba water levels having fallen below production levels and the Hwange upgrade is yet to be commissioned.
"Tsingshan Holdings Group is set to expand its current operations. This will see the company embark on the production of cement and lithium concentrates, as well as scaling up coke and ferrochrome production among other mining and mineral processing projects in Zimbabwe," President Mnangagwa said during the signing ceremony.
The agreement will see Tsingshan increase its stainless steel and coke production to five-million tonnes for each commodity annually.
President Mnangagwa said Tsingshan will also help Zimbabwe refurbish its railway system.
Tsingshan's proposed investment in Zimbabwe's lithium sector follows the recent acquisition of lithium assets by Chinese companies Zhejiang Huayou Cobalt, Sinomine Resource Group and Chengxin Lithium Group in transactions worth a combined $678-million.
Tsingshan Holdings is the parent company of Dinson Iron and Steel Company, which is developing the Manhize $1-billion stainless steel plant.
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