Sinosteel takes 92 pct stake in Zimbabwe largest chrome firm

BEIJING - Sinosteel Corp, China's the country's biggest chrome importer, said it acquired 92 pct stake in Zimasco Consolidated Enterprises Limited (ZCE), the Mauritius-based holding company of Zimbabwe's Zimasco.

Under the deal, Sinosteel has the option to buy the remaining 8 pct of ZCE over the next two and a half years, the company said in a statement.

Financial details were not provided.

Zimasco is Zimbabwe's largest chrome producer with annual refined chrome output of around 592,000 tons.

The acquisition further consolidates Sinosteel's strategic status in the mining sector in Africa after a deal with South Africa's Samancor, the Chinese firm said.

In November last year, Sinosteel signed an agreement to pay more than 200 mln usd for a 50 pct stake South Africa's Samancor Chrome Co.

Samancor has estimated chrome resources of 70 mln tons.

see also at http://en.sinosteel.com/

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