US$1 Billion Cement Plant Project Announced by Chinese Investors in Mashonaland West Province, Zimbabwe
Karoi Town in Zimbabwe is set to become an industrial hub with the announcement of a US$1 billion cement plant project by Chinese investors in the Magunje area of Mashonaland West province.
In Zimbabwe, a significant development in the cement industry is underway with Chinese investors announcing the construction of a US$1 billion cement plant in the Magunje area, Mashonaland West province. This project is expected to transform Karoi Town into an industrial hub.
The signing ceremony for the project's partnership between Labenmon Investments (Pvt) Ltd and West International Holding was held in Harare. The two companies signed a US$1 billion funding agreement for the project, which is expected to be completed within two years.
The planned industrial park will include a new dry-process clinker cement production line with an annual capacity of 2.7 million tons, equipped with a 100 MW power generation unit and a cement grinding station with an annual capacity of 900,000 tons. This project is anticipated to create employment for about 5,000 people, save a significant amount of foreign exchange for Zimbabwe from cement imports, and increase US dollar tax revenue.
Wang Fayin, President of West International West Holding, highlighted the market potential and dynamic growth prospects in infrastructure, which have attracted West International Holding to invest in Zimbabwe. The project aims to fill the local demand gap for high-quality cement and high-calcium white ash, reducing foreign exchange expenditure caused by the import of clinker and white ash while meeting the infrastructure construction demand, industrial smelting, and agricultural development.
The project will be constructed in two parts simultaneously, with a new building materials industrial park in Karoi following the themes of 'intelligence, environmental protection, green, and technology.' It aligns with the government's National Development Strategy 1 (NDS1) and Vision 2030, aiming to develop the nation. The project owners assured that no residents would be displaced, and locals are expected to receive training for various job skills needed for the project.
Source:
New Zimbabwe
