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HUNAN Nanling Industry Explosive Material Co Ltd has announced plans for its Hong Kong joint venture (JV) to set up an industrial explosive materials production project in Zimbabwe.
In terms of the first phase of the industrial explosive materials production project in Zimbabwe, the firm will invest a total of 1,06 billion yuan ($1,770 million), which will see the construction of a 12,000 ton emulsion explosives fixed production line.
The expected construction period of the first phase is 12 months.
Hunan Nanling Industrial Explosive Materials said the Hong Kong JV New World (Hong Kong) International Development Limited) had been set up specifically in line with the Chinese government’s external investment policy.
“After careful market research demonstration projects, the company intends to Tianjin Companies Babu Wei Republic parties established in Hong Kong joint venture co-operation (hereinafter “Hong Kong joint venture”), by the Hong Kong joint venture with local Zimbabwe Construction of Explosive Materials joint venture production line project in Zimbabwe.
“The two sides have reached consensus on co-operation matters, signed the minutes of the meeting, and in Zimbabwe joint venture production line Explosive Materials related matters written in the text of the co-operation agreement,” said the company in statement.
Hunan Nanling Industrial Explosive Materials is principally engaged in research, development, manufacture and sale of civil explosive materials, military products and civil explosive professional equipment, as well as blasting and logistics business.
The firm’s products and services can be divided into industrial explosives, industrial detonating cords, industrial detonators, engineering blasting operations, and transportation and distribution services.
The Zimbabwe project’s line of business will include: production of emulsion explosives and ANFO; non-electric blasting assembly detonator; distribution and sale of civilian blasting equipment; civilian blasting equipment to provide technical advice, blasting services and mining services.
According to Hunan Nanling Industrial Explosive Materials the setting up of the joint venture in Hong Kong, and the investment into the Zimbabwe project have been approved by the Hunan Provincial Department of Commerce.
Chinese investment into Zimbabwe has maintained an upward trajectory, especially after President Robert Mugabe’s State visit to China in December last year where he and Chinese President Xi Jinping signed 10 investment deals. — BH24
Online Reporter