President Mnangagwa Inaugurates $3.6 Billion Steel Plant in Beitbridge… …Marking a New Era for Zimbabwe’s Industrial Growth By Takasununguka Ziki FOLLOW OUR CHANNEL: https://whatsapp.com/channel/0029VaCpLzu2f3EBYPSgI93M 24 February, 2025 | Zim Global Media News 🗞️ Beitbridge – His Excellency, the President Dr. Emmerson Dambudzo Mnangagwa today officially opened the Palm River Energy and Metallurgical Special Economic Zone (SEZ) in Beitbridge. This monumental $3.6 billion project, a collaboration between the Government of Zimbabwe, Xintai Resources, and Tuli Coal, is set to transform the nation’s mining and energy sectors while creating thousands of jobs and positioning Zimbabwe as a regional industrial powerhouse. The Palm River SEZ, one of the largest industrial investments in Zimbabwe’s history, is already making waves with its state-of-the-art facilities and ambitious production targets. The project has already created 400 jobs during its construction phase, with an additional 2,000 jobs expected to be generated once the plant becomes fully operational. This development is a significant step toward achieving Zimbabwe’s Vision 2030, which aims to transform the country into an upper middle-income economy. The Palm River SEZ is not just another industrial project; it is a cornerstone of Zimbabwe’s economic revival. The project’s key features include a coking plant, a ferro-chrome smelting plant, and a 1,200 MW coal-fired thermal power plant. These facilities are designed to boost Zimbabwe’s mining and energy sectors, reduce reliance on imports, and contribute to the national grid, ensuring a stable power supply for both industrial and domestic use. Speaking at the inauguration ceremony, President Mnangagwa hailed the project as a testament to Zimbabwe’s commitment to economic transformation and industrialization. “Today, we witness the dawn of a new era for Zimbabwe’s industrial and economic growth. The Palm River SEZ is a symbol of our resilience, determination, and unwavering belief in the potential of our great nation,” the President declared. “This project will not only create jobs but also position Zimbabwe as a key player in the global steel and energy markets.” The President said. The Palm River SEZ is a multifaceted industrial park with several key components that are set to revolutionize Zimbabwe’s industrial landscape. The coking plant, with an annual production capacity of one million tonnes of coke, is a critical component of the steel manufacturing process. Coke, a key raw material in steel production, is derived from coal and is essential for the smelting of iron ore. The plant will not only meet domestic demand but also position Zimbabwe as a regional exporter of high-quality coke. Meanwhile , the ferro-chrome smelting plant, capable of producing 100,000 tonnes of high-carbon ferro-chrome annually, is another highlight of the project. Ferro-chrome is a crucial alloy used in the production of stainless steel, and Zimbabwe’s vast chrome reserves make it an ideal location for such a facility. The plant will add significant value to the country’s mineral resources, reducing the export of raw chrome and promoting local beneficiation. With the 1,200 MW coal-fired thermal power plant, this will be perhaps the most transformative aspect of the Palm River SEZ. This facility will provide reliable and affordable energy to the industrial park, ensuring uninterrupted operations. Additionally, excess power will be fed into the national grid, addressing Zimbabwe’s chronic energy shortages and supporting other sectors of the economy. One of the most significant impacts of the Palm River SEZ is its potential to create thousands of jobs, both directly and indirectly. During the construction phase, the project has already employed 400 workers, providing much-needed employment opportunities in the Beitbridge region. Once fully operational, the SEZ is expected to create an additional 2,000 jobs, ranging from skilled technical positions to administrative and support roles. The project is also expected to stimulate economic activity in the surrounding areas, creating opportunities for small and medium enterprises (SMEs) to supply goods and services to the industrial park. This ripple effect will contribute to poverty alleviation and economic empowerment, particularly in rural communities. The Palm River SEZ is strategically located in Beitbridge, a town that serves as a key transit point between Zimbabwe and South Africa. This location not only facilitates the efficient movement of raw materials and finished products but also positions the SEZ as a hub for regional trade and investment. The project is expected to attract further investments in infrastructure, logistics, and related industries, transforming Beitbridge into a thriving industrial and commercial center. The SEZ’s focus on value addition and beneficiation aligns with the African Union’s Agenda 2063, which emphasizes the importance of industrialization and economic integration for the continent’s development. By leveraging its natural resources and strategic location, Zimbabwe is poised to become a regional leader in steel production and energy generation. While the Palm River SEZ is a major step forward for Zimbabwe’s economy, the project has also been designed with environmental and social considerations in mind. The developers have committed to implementing sustainable practices, including the use of advanced technologies to minimize emissions and reduce the environmental impact of the coal-fired power plant. Additionally, the project includes initiatives to support local communities, such as skills development programs and infrastructure improvements. President Mnangagwa emphasized the importance of balancing economic growth with environmental stewardship. “As we pursue industrialization, we must also protect our natural heritage and ensure that our development is sustainable,” he said. “The Palm River SEZ is a model for responsible and inclusive growth.” The inauguration of the Palm River SEZ marks a turning point for Zimbabwe’s economy. The project is a clear demonstration of the government’s commitment to attracting foreign investment, promoting industrialization, and creating jobs. It also reflects the growing confidence of international investors in Zimbabwe’s potential, particularly in the mining and energy sectors. As the Palm River SEZ begins operations, the benefits will extend far beyond Beitbridge. The project will contribute to Zimbabwe’s GDP, reduce the trade deficit, and enhance the country’s competitiveness in global markets. It will also serve as a catalyst for further investments, paving the way for other large-scale industrial projects. President Mnangagwa called on all Zimbabweans to embrace the opportunities presented by the Palm River SEZ. “This project is a testament to what we can achieve when we work together, with a shared vision and determination. Let us seize this moment and build a brighter future for our nation,” he said. As Zimbabwe celebrates this milestone, the Palm River SEZ stands as a symbol of hope, progress, and the limitless potential of a nation on the rise. ——————————————— Zim Global Media News 🗞️ an Afrocentric Voice https://www.zimglobalmedia.co.zw ———————————————