India’s Essar Group wins tussle for key Zimbabwean steel asset

Base Metals Investing

Mineweb.com reports that the battle by two Indian companies over who would acquire Zimbabwe Iron and Steel is over, and the Essar Group appears to be the victor.

The editorial is quoted as saying:

The Mauritius-based Essar Energy Holdings is said to have acquired a 51% stake in Zisco. It was chosen ahead of JSPL. Other companies in the fray were Sino Zimbabwe Ltd and Sovereign Capitala, a consortium of local and South African investors, according to reports. The Zimbabwean Government plans to offload a further 9% soon, media reports have suggested.

To access the full editorial, click here.

iron-investing

The Conversation (2)

Investor Last Name

01 Apr, 2013

By the time they add up all the costs for developing the equipment to strip mine the ocean at those depths, around 3 miles, I doubt that the rare earth deposits will be that cheap.

Investor Last Name

01 Apr, 2013

By the time they add up all the costs for developing the equipment to strip mine the ocean at those depths, around 3 miles, I doubt that the rare earth deposits will be that cheap.