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US$2b joint coal project starts in Zimbabwe
Source: Xinhua |
December 21, 2012, Friday
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Print Edition
Print Edition
A LARGE-SCALE Sino-Zimbabwe joint coal exploration project, dubbed China-Africa Sunlight Exploration, has broken ground in Zimbabwe's western province of Matabeleland North.
The project, with an investment of up to US$2 billion, was a joint venture between Zimbabwe's Oldstone Investments (Pvt) Ltd and China's state-owned Shandong Taishan Sunlight Group Co.
According to the deal signed between the two partners, Oldstone is to secure a coal concession of 100,000 hectares with reserves of more than 2 billion tons of coal while Taishan will inject up to US$2 billion to develop coal mines, coal bed methane extraction and power projects.
Exploration drilling for both gas and coal started on Wednesday. In July next year, a small open cast mine may open with a capacity of 3 million tons of coal per year, and at the same time the construction of a 600 megawatts per hour coal-fired thermal power plant will begin and is set for commissioning in 2015.
The project is also expected to have a coking coal plant with oven production of 300,000 tons of coke annually. It will create about 4,000 jobs for local people through the expansion of upstream and downstream industry activities.
In his speech read by Defense Minister E.D. Mnangagwa at the ground-breaking ceremony, Zimbabwean President Robert Mugabe extended his appreciation to China for standing with Zimbabwe through thick and thin.
"This project cements our friendship and paves the way for more beneficial economic cooperation between our two countries," Mugabe said.
The project, with an investment of up to US$2 billion, was a joint venture between Zimbabwe's Oldstone Investments (Pvt) Ltd and China's state-owned Shandong Taishan Sunlight Group Co.
According to the deal signed between the two partners, Oldstone is to secure a coal concession of 100,000 hectares with reserves of more than 2 billion tons of coal while Taishan will inject up to US$2 billion to develop coal mines, coal bed methane extraction and power projects.
Exploration drilling for both gas and coal started on Wednesday. In July next year, a small open cast mine may open with a capacity of 3 million tons of coal per year, and at the same time the construction of a 600 megawatts per hour coal-fired thermal power plant will begin and is set for commissioning in 2015.
The project is also expected to have a coking coal plant with oven production of 300,000 tons of coke annually. It will create about 4,000 jobs for local people through the expansion of upstream and downstream industry activities.
In his speech read by Defense Minister E.D. Mnangagwa at the ground-breaking ceremony, Zimbabwean President Robert Mugabe extended his appreciation to China for standing with Zimbabwe through thick and thin.
"This project cements our friendship and paves the way for more beneficial economic cooperation between our two countries," Mugabe said.
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