Chinese Companies Strike 1billion Dollar Deal to Help Improve Zim Economy
By Staff Reporter
Two Chinese companies, West International Holding Limited and Labenmon Investors (Pvt) Limited have sealed a US$1 billion deal for the production of cement with the aims to improve the country’s economy.
The deal is said to aim at paves way for the establishment building materials industrial park in Zimbabwe, poised to revolutionise the production of cement, glass, and high calcium white ash as well as job creation to local communities.
Addressing journalists at the signing ceremony last week, West International Holding Limited president, Wang Fayin, said the envisaged project will bring economic gain to Zimbabwe including job creation to millions of youths in the country.
“The project will create more than 5,000 jobs for the local community and contribute to the national economic development of Zimbabwe.
“The overall construction of the project closely follows the four themes of intelligence, environment protection, green and technology, and with the Group’s technical strength and business philosophy of industry-leading, casting high-quality products,” said Wang.
“The industrial park is planned to have a new dry-process clinker cement production line with an annual capacity of 2.7 million tonnes, equipped with a 100 MW power generation unit and a cement grinding station with an annual capacity of 900,000 tonnes.
“Upon full completion of the project, the cement production capacity will exceed 2 million tonnes, effectively solving the local demand gap for cement and filling the gap in the market for high-quality cement and high-calcium white ash,” he said.
He also said that the initiative will reduce the foreign exchange expenditure caused by the import of clinker and white ash while meeting the demand for infrastructure construction, industrial smelting and agricultural development.
West International Holding Limited is a subordinate to the Hong Kong listed company, West China Cement, which is a multinational group enterprise integrating production and sales of cement and building materials.
