Bloomberg/Waldo Swiegers

Economy

Zimbabwe and Russia finalise $4 billion platinum mine deal

  • share this article

Egypt-based Afreximbank is expected to raise $2 billion to finance building the mine and a smelter at the project.

Thursday 11, April 2019

(Bloomberg) --Zimbabwe has signed an agreement with Russia to build a new platinum mine in the southern African country, finalising a deal that is stalled since 2014.

Polite Kambaruma, Zimbabwe’s Deputy Mines Minister, said that a deal to develop a new platinum-group metals mine on a prospect held by Great Dyke Investment, a company jointly owned by a Russian state-controlled company and Zimbabwe’s government has been sealed.

The deal hadn’t progressed since an initial agreement in 2014 and the mine and associated infrastructure will cost $4 billion, Kambaruma said.

The mine would be built on one of the largest platinum mining concessions in the country.

TAGS : Platinum , Great Dyke Investment, President Emmerson Mnangagwa

print this article