Zimbabwe signs multibillion-dollar mining deal with Chinese company

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Zimbabwe signs multibillion-dollar mining deal with Chinese company

Zimbabwe signs multibillion-dollar mining deal with Chinese company

Zimbabwe on Tuesday signed a multibillion-dollar mining deal with China's Tsingshan that will see the Chinese firm mining chrome, iron ore, nickel and coal in Zimbabwe.The deal, whose initial phase will cost $2 billion before rising to between $5 and $10 billion, may also involve lithium mining, establishment of a power plant and construction of a railway line to the port. The two countries initially signed the deal last year at a cost of $1 billion but on Tuesday, the two countries signed the new agreement expanding the scope of the original MOU. Mines Minister Winston Chitando signed on behalf of the Zimbabwe government while Chen Shangsong signed on behalf of Tsingshan.