Castle Peak holding Group to develop Iron Ore in Zimbabwe

Chinese company Aoyama Holdings will develop and build an iron ore mine and build a new steel plant in Zimbabwe this year, Zimbabwe Information Minister Monica Mutsvangwa said on the 9th.

The opening ceremony for iron ore and steel mills will be held in May in Mvuma (vuma), south of the country's capital, Harare, she said in a statement.

Headquartered in Wenzhou City, Zhejiang Province, Qingshan Holdings, founded in 1988, is the largest stainless steel producer in China, with a crude steel output of 10.65 million tons in 2019.

Reported that in June 2018, Aoyama Holdings signed a framework agreement worth 1 billion US dollars (about 6.5 billion yuan) with the Zimbabwean government. The agreement is to build a steel plant with an annual capacity of 2 million tons, including mining rights for local chromium, nickel, iron and coal. In 2019, Aoyama Holdings expanded its investment plan to build a new 600-megawatt power plant and exploit local lithium resources.

Aoyama Holdings website disclosed that the company in Zimbabwe's West Mashonaland province, has a layout called Afvochine production base for smelting ferrochromium.