Chinese investors have proposed to establish a $2.83-billion battery-metals park in Zimbabwe that will process metals such as lithium, platinum and nickel, according to news reports.

Bloomberg reports that the Zimbabwean government approved the proposal by Hong Kong Eagle International Investment Holding and Pacific Goal Investment.

“The goal of the New Energy Special Economic Zone Industrial Park is to develop an industrial value chain represented by new energy metals such as lithium and nickel, to increase the added value of the mineral products and form a new energy production base that embraced the world while based in Africa,” Eagle International was quoted as saying in documents verified by Secretary for Mines Pfungwa Kunaka.

He said the planned agreement with the investors is “a major milestone” for Zimbabwe.

The 30-50 square-kilometre battery-metals park would be situated in Mapinga, about 48 kilometres northwest of Harare.

It is expected to be completed by the end of 2025.

Documents show that the park will have two 300-megawatt power plants, a nickel-sulphate plant, a nickel-chromium alloy smelter and a lithium-salt plant.

Zimbabwe has previously announced several mega projects that never materialised.