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Industry and Commerce Minister Welshman Ncube said the partner should also have the money to pay for Government equity in Zisco that would have been set by the current shareholder.
Minister Ncube said this on Wednesday in Parliament during a question and answer session.

Kwekwe Member of House of Assembly, Mr Blessing Chebundo (MDCT) had asked the Minister why it was taking long for the Government to find a partner for Zisco Steel.
In his response, Minister Biti said they had since shortlisted three companies that they had recommended to the President for consideration.

He said the final determination of the winning firm is expected in the next two weeks.
“It is unfortunate that the process to address Zisco has taken so long. When I came in as Minister it is one of the outstanding issues in the ministry which I inherited,” he said.

He said in identifying suitable partners, Government had to first consider a firm that could pay off a Zisco debt it owed to a Chinese and a German company to the tune of more than US$200 million.
The company should also have the technical knowledge and financial muscle to resuscitate the blast furnace that required US$50 million, said Minister Ncube.

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Another requirement was the successful firm should be in a position to fork out the asking price that Government would put on the equity it would want dispose in the firm.

“We needed an investor that could clear a German debt which was causing us problems as Government property was being attached in Botswana,” he said.

The Minister said another reason that took long to conclude the identification of strategic partner was the perception investors had about the inclusive government.
He said other investors’ thought that the inclusive government was not sustainable and would not last.

“We have now reached the tail end of the process, we have considered four investors, three of which we believe are technically sound. We have taken the names of the three investors to the principals,” he said.

Once the principals made their determination of the winning investor, the name would be taken to a Cabinet Committee on Zisco before final announcement.

“We should be finalising in the next two or three weeks,” he said.

The Minister said the three companies  being considered  include Jindal Steel, Sino-Zimbabwe and ESA Global but declined to reveal which firm his Ministry had recommended.