Published: 07 October 2013

Commencement of operations at New Zim Steel, formerly Ziscosteel, will take more time than the public anticipates, Industry and Commerce minister Mike Bimha has said.

The Redcliff-based steel company was rechristened New Zim Steel in 2011 after government signed a $750 mln takeover deal with India’s Essar Africa Holdings.

Disagreements on mineral claims, which had presumably been handed over to Essar when it acquired the stake, is one of the major issues stalling operationalisation of the deal.

Bimha said discussions to resolve issues stalling resumption were on-going.

He said a Joint Implementation Committee was recently established to look at ways of facilitating resumption of operations.
- herald

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