Sinosteel Group Signed Memorandum of Understanding on Investment with the Government of Zimbabwe

On May 14 of local time, witnessed by President of Zimbabew, Mnangagwa, General Manager and Deputy Secretary of the Party Committee of Sinosteel Group Liu Andong and Minister of Ministry of Mining Development of Zimbabwe, Winston Chitando, represented the parties to sign the Memorandum in Harare - the capital of Zimbabwe, and the parties expected that they could further strengthen the cooperation in the development and utilization of coalbed methane, development of chrome ore resources and smelting of ferrochrome in the future five to ten years to promote the cooperation between the parties to a new level.

President Mnangagwa expressed in his speech that Zimbabwe had rich resources but many resources including the coalbed methane were still to be developed and utilized and, that the parties’ cooperative projects would play an important role in the mining development and employment creation in Zimbabwe and they would take the project construction as an opportunity to discuss the possibility of developing the stainless steel industry.

In Liu Andong’s speech, he thanked the Government of Zimbabwe for their continuous support for Sinosteel, and he expressed that Sinosteel cherished the cooperation friendship between the parties for many years, that the signing of this Memorandum would further strengthen the bond between the two countries and that Sinosteel would also continue to make contributions to promoting the economic and trade exchanges and inter-enterprise cooperation between the two countries and expect to achieve more fruitful results through the friendly cooperation between the two countries.Vice Presidents of Zimbabwe, Chiwenga and Mohadi, Chinese Ambassador to Zimbabwe, Huang Ping and Vice General Manager of Sinosteel, Lu Pengcheng and others attended the signing ceremony.

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