In an interview with The Zimbabwean last week, the Managing Director of ZIMASCO, Sydwell Jena, said the investment would be used to resuscitate the firms sixth furnace back to full operational capacity. I can confirm that Sinosteel, the majority shareholder, has agreed to release the funds. We are going to resuscitate the furnace that was decommissioned in 2006 after it was destroyed by fire, he said. Sinosteel holds a 78 percent stake in ZIMASCO. The furnace is expected to be operational by the first quarter of 2012. This will increase ZIMASCOs capacity to 235 000 tons per year up from 180 000, said Jena.
Difficulties stemming from the European debt crisis saw levels drop last year. We revised the production levels. Our target was 180 000 tonnes but we reduced that to 140 000 in the year 2010, Jena explained. ZIMASCO exports bulk processed and unprocessed chrome to USA, Italy and China among other European and Asian countries.