Zimbabwe, Russia platinum investment to hit $4.8bnStaff writer ▼ | September 19, 2014
Zimbabwe and Russia launched a joint venture platinum mine that will start producing platinum in 2017 with investment mounting to $4.8 billion.
Cooperation A joint venture platinum mine
Zimbabwe, which holds the second largest platinum reserves in the world after South Africa, is currently producing 430,000 ounces of platinum annually from three mines which are Zimplats, Unki and Mimosa.
The Darwendale mine is owned by a consortium of Zimbabwean investors operating under the name Pen East and Russian investors including VI Holdings, Rostec and Vnesheconombank. Zimbabwean President Robert Mugabe and visiting Russian Foreign Minister Sergei Lavrov attended the launch ceremony.
Speaking at the launch, Hesphina Rukato, the chairperson of the mining group Great Dyke Investments said the mine will be developed in three phases, with the first phase running from 2014 to 2017 entailing exploration, infrastructure development and commissioning of mining facilities.
The second phase from 2018 to 2021 will entail the establishment of a new mine and expansion of concentration capacity to produce 530,000 ounces of platinum per year. The third and full development phase will run from 2022 to 2024 and will see the expansion of platinum production to 800,000 ounces per year. ■