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Why do you think Sinosteel wants to buy a Chrome ore producer in Zimbabwe?

Sinosteel wins approval to buy 73% of Zimbabwe chrome producer

Sinosteel to buy Zimasco
Sinosteel Corp, China`s second-biggest iron-ore trading company, won government approval to buy a majority stake in Zimasco Ltd, Zimbabwe`s largest ferrochrome producer, as it tries to secure raw material supplies.

Sinosteel will buy 73% of Zimasco Ltd, according to the Chinese company. The purchase was approved by the National Development and Reform Commission, China`s top planning agency said in a statement on its Web site.

Sinosteel is expanding into producing raw materials such as ferroalloys used in steelmaking, to meet demand in the world`s biggest producer and consumer of steel. Zimbabwe has the world`s largest reserves of chrome after South Africa.

Zimasco produces about 180,000t a year of the commodity, according to the company. It was once the world`s fifth-largest maker of ferrochrome.