Russian Consortium to Sign a $1.6bn Platinum Deal with Zimbabwe

 

HARARE (Scrap Monster): A Russian consortium has decided to sign a MoU with the Zimbabwe government next month for developing a mine for extracting platinum. They proposed to invest about $1.6 million for the mining project.

 

Minister, Walter Chidakwa said that OOO VI Holding, Rostec and Vnesheconom bank will also show their interest to take part in the Darwendale platinum project.

 

The project will include a mine, concentrators of ore processing and a PGM smelter. The group has decided to develop the project in different phases. During the first phase, the mine will be constructed without a plant by investing about $400 million to $500 million.

 

The mining will start with open pit operations next year. Chidakwa and Finance Minister have already made a useful discussion with member of the Russian group and the banks.

 

Recently, VI Holding has bought half of the Ruschrome Mining project, which has the mining license for Darwendale, Kommersant.