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Production at China’s $1 billion Tsingshan steel mill in Zimbabwe begins

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A corporate official announced on Thursday that Tsingshan Holding Group, a $1 billion steel mill in central Zimbabwe, is now producing nickel, the largest nickel producer in China.

During a factory tour, project director Wilfred Motsi informed reporters that Tsingshan’s Dinson Iron and Steel Company will produce 600,000 metric tons of carbon steel annually during the first phase of operations.

“We have started to produce pig iron, which is a raw material used for the production of steel. By July, that’s when we will start to produce the actual carbon steel,” Motsi said.
He did not say how long the first phase would last.

Tsingshan, a prominent global producer of nickel, has made noteworthy investments in Zimbabwe throughout the past few years. In addition to the steel mill, Tsingshan operates enterprises in southern Africa that mine lithium, ferrochrome, and coking coal.

In Dinson, the business has constructed a 50-megawatt thermal power plant. To meet 20% of its electricity needs, the steel plant will use the gas produced by its furnace to generate additional power.

To lessen the negative effects of Zimbabwe’s electricity shortages on its operations, the company also intends to construct a solar power facility.

The total estimated value of iron and steel imports from Zimbabwe in 2020 was $128 million. Compared to the previous year, when the products were imported to the tune of about 114 million U.S. dollars, this represented an increase in value.

Musings From Abroad

Niger, Turkey expand energy, defence cooperation

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Following Niger’s request for the departure of Western military forces and the cancellation of many Western countries’ mining contracts, Turkey and Niger decided to increase their collaboration in the areas of energy, mining, intelligence, and defence.

On Wednesday, MIT intelligence chief, Ibrahim Kalin, Energy Minister, Alparslan Bayraktar, Defense Minister, Yasar Guler, and Foreign Minister, Hakan Fidan, of Turkey paid a visit to Niamey, the capital of Niger.

The Turkish team also met with General Abdulrahman Tiani, the leader of Niger, who assumed office in July of last year following the overthrow of President Mohamed Bazoum by the military council he led and the country’s shift in allegiance.

The junta expelled the French forces, and the United States was instructed to remove its military men from the nation. Additionally, it broke security agreements with the EU.

Two months have passed since Turkish President Tayyip Erdogan and Niger’s Prime Minister Ali Mahaman Lamine Zeine met in Ankara, where the Turkish officials are currently on a visit.

Following their discussions on Wednesday, Fidan informed reporters that officials from Turkey and Niger had talked about enhancing their defence intelligence collaboration.

Guler talked about measures to strengthen defence and military training cooperation between Turkey and Niger, an official from the Turkish Ministry of defense said on Thursday.

The energy ministry of Turkey announced on Wednesday that the two nations had inked a statement of intent to assist and motivate Turkish enterprises to develop the oil and natural gas resources in Niger.

Niger is the seventh-largest producer of uranium in the world and possesses the highest-grade uranium ores in Africa.

However, a Turkish diplomatic source stated that Ankara is not looking to purchase uranium from Niger for its first nuclear power station, which is being built in Akkuyu in Turkey’s Mediterranean area by Russia’s Rosatom.

 

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Musings From Abroad

IMF lowers Botswana’s growth projection for 2024

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In a statement, the International Monetary Fund (IMF) reduced its earlier April estimate of 3.6% growth for Botswana to 1%, primarily because of decreased diamond production.

In addition, the IMF warned that a decline in mineral income would cause the budget deficit to balloon to 6% from 3.45% and urged the diamond-rich nation in southern Africa to think twice before embarking on new infrastructure projects to support the economy.

“The continued (economic) slowdown is mainly due to a fall in diamond production,” said IMF said in a statement released late on Friday.

“Some fiscal relaxation is warranted this year given the fall in mineral revenues, but the execution of the ambitious capital budget should be slowed down to contain the deterioration of the deficit and prioritize projects with the highest returns,” the IMF said.

 

The demand prognosis for diamonds, which are typically regarded as luxury goods, has decreased due to weaker consumer demand and a weakening in the global economy.

Finance Minister Peggy Serame predicted in February that the economy would expand by 4.2%, but a few months later the central bank issued a warning, stating that the ongoing challenges in the world diamond market made it doubtful that this goal would be met.

Diamond sales account for 30–40% of Botswana’s total revenue and 75% of its foreign exchange profits.

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