Mtapa Investment Fund is convinced that a solution to resurrect the yesteryear steel giant Ziscosteel can be found, arguing that what matters more is the availability of natural resources.
Ziscosteel, which used to be a top producer of steel in the country, has seen its fortune vanish due to various issues, which have left most of its infrastructure in a bad state.
The bad state of the infrastructure has seen some people writing it off, arguing that its days are gone and cannot be restored without taking everything down.
However, speaking to journalists at Freda Rebecca Mine, during the Public Accounts Committee fact-finding tour, Mtapa Investment Fund deputy chief investment officer Ernest Denhere said while they are still looking at Ziscosteel, he is, however, hopeful a solution can be found.
‘’We are still looking at all the options, bearing in mind that it (Ziscosteel) came to Mtapa recently. But whenever you are endowed with natural resources as a country, you got the opportunity to start a new industry.
‘’Yes it’s a mamoth task, but I think we will find a solution,’’ he said.
However, speaking to the media on the sidelines of the same event, Public Accounts Committee chairperson Caston Matewu, heaped praise on efforts being employed on ZESA, NRZ and Mtapa Gold Resources, but had no kind words for Ziscosteel.
He said the company is dead and pouring in money into it is not a wise move.
‘’Ziscosteel I don’t think it can be resuscitated, and part of our report will focus on what Mtapa can do with that asset called Ziscosteel. We don’t think it can be resurected in its current form. The machinery is quite obsolete, rusty and so on. To put it in short, Ziscosteel is dead.
‘’What is needed is for Mtapa to think outside the box and say there is limestone there in Redcliff, what else can be done because now there is competition from Manhize. So it will not be wise for Mtapa to pour money into Zisco in its current state,’’ he said.
