Online Reporter
Nqobile Bhebhe in Beitbridge
President Mnangagwa has officiated at the groundbreaking and plaque unveiling ceremony of the US$3.6 billion Palm River Energy Metallurgical Special Economic Zone project in Beitbridge.
The landmark project, which shows growing investor confidence in the Second Republic, has the potential to significantly transform the economy of the Matabeleland region and the country at large.
Palm River is a multi-faceted project that will encompass mining, power generation, coke production, and steel manufacturing.
With its focus on energy, mining, and value addition, the project has the potential to transform the Matabeleland region into a hub of industrial activity and economic growth.
The President and his delegation toured the industrial park.
Vice President Dr Constantino Chiwenga, Vice President Kembo Mohadi, the Minister of State for Matabeleland South Provincial Affairs and Devolution Dr Evelyn Ndlovu, Finance, Economic Development and Investment Promotion Minister Professor
Mthuli Ncube, Mines and Mining Development Minister Winston Chitando and Chinese embassy officials were part of the delegation.
Several players in the mining sector and Beitbridge community leaders were also present.
The project, which is expected to play a crucial role in strengthening Zimbabwe’s mining and energy sectors, was set up following discussions between the company’s chairman and President Mnangagwa.
It will ultimately produce stainless steel, and is being implemented in phases.
The project covers an area of 5,163 hectares and will be constructed in five phases over 12 years. The first phase of construction will be done in two years, with a total investment of US$237 million.
In 2018, President Mnangagwa declared Beitbridge a Special Economic Zone as part of the Second Republic’s broader strategy to attract investment.
The SEZ model aims to enhance foreign direct investment, improve local business competitiveness, and drive economic growth.
Peter Tanyanyiwa