MASVINGO- Having folded in 2014, the Sponge Iron Mining and Beneficiation Industry (SIMBI), a local Indian owned sponge iron industry is set to re-start operations in a few weeks' time after having closed shop for three years owing to economic hardships.
SIMBI general manager, Baggam Anand Rao said their company closure was due to the depression of world steel market and other economic challenges that bedevilled the country.
He further explained that the company has the capacity of producing 100 tonnes per week and 2 500 to 3 000 tonnes of sponge iron per month that will be processed in Redcliff to become pure iron for local use and export.
At full throttle, SIMBI has the capacity to generate $3 million per year.
"SIMBI will reopen in a few weeks' time as we are just finalising the paper work. We have the capacity to employ over 300 locals with about 150 working at the site and 140 people working at our iron ore mining site in Glenlivet," said Anand Rao.
Addressing journalists and other stakeholders at a briefing held at the company's site, Minister of State for Masvingo Provincial Affairs, Josiah Dunira Hungwe applauded the company for being the first to take steps towards resuscitation.
"The idea of reopening industries is to our advantage as the government and the community at large since that will provide jobs for the local people. We will support you and challenge other local companies to reopen as well.
"Efforts to resuscitate Cold Storage Commission (CSC) and Mashava Mining Company are at an advanced stage to improve the livelihood of the people in Masvingo," Hungwe said.