KAROI Town will soon be an industrial hub after Chinese investors announced a US$1 Billion cement plant to be built in the Magunje area, Mashonaland West province.
During a press conference held in Harare on Wednesday for the signing ceremony on the project’s partnership between Labenmon Investments (Pvt) Ltd and West International Holding, the two companies signed a US$1 billion funding for the project to be completed within two years.
“The planned industrial park will have a new dry-process clinker cement production line with an annual capacity of 2.7 million tons equipped with a 100 MW power generation unit and a cement grinding station with an annual capacity of 900 000 tons.”
“The project will also create employment for about 5000 people, to save a lot of foreign exchange for Zimbabwe from cement imports and increase the US dollar tax revenue,” according to President of West International West Holding, Wang Fayin in his speech.
In his opening remarks, Fayin said, “Today we are gathered in Harare, Zimbabwe, to grandly hold the signing ceremony of the construction of a new building materials industrial park between WIH Cement Developing Company Limited and Labenmon Investments Pvt Limited.
“I feel very honoured and delighted to witness this wonderful moment together with the Zimbabwean government departments and media friends on behalf of West International Holding (Pvt) Ltd.”
He revealed that the demand for cement and building materials shows market potential and dynamic growth prospects in infrastructure which have attracted and strengthened the determination of West International Holding to invest in Zimbabwe.
“West International Holding has today reached a cooperation agreement with Labenmon Investments (Pvt) Ltd, planning to build a new building materials industrial park in Zimbabwe.
The project, upon completion, will be expected to fill the local demand gap in the market for high-quality cement and high-calcium white ash, reducing foreign exchange expenditure caused by the import of clinker and white ash while meeting the infrastructure construction demand, industrial smelting and agricultural development.
“The project shall be carried out in two parts being constructed at the same time where a new building materials industrial park in Karoi will be constructed following the ‘intelligence, environmental protection, green and technology’ themes.
The plant is expected to change the face of the small town and its rural surroundings in line with the government’s thrust of developing the nation through the National Development Strategy 1 (NDS1) while working towards Vision 2030.
The project owners said no residents will be displaced and locals are expected to go through training for various job skills needed for the project as it commences until completion and beyond.
