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Russian firms target Darwendale platinum
12/08/2013 00:00:00
by Business Reporter
 
No payment for resources ... Saviour Kasukuwere
 
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A CONSORTIUM of companies including Russia's Rostec and Vneshekonombank is buying a 40% stake in a project to develop one of the world's largest platinum fields in Zimbabwe.

The companies will invest in Ruschrome Mining, a Russian-African joint venture licensed to mine the field.

The parties hope to exploit the Darwendale platinum project's 19 ts in proven reserves and 775 total ts of metals including palladium, gold, nickel and copper.

Ruschrome is partly owned by the Zimbabwean government and the Centre of Business Cooperation with Foreign Countries, an association of machinery and defence firms that will retain a ten per cent stake in the project.

The consortium also includes the Netherlands-based aluminium company Vimetco.

The development comes after the government said it will seize assets held by foreign-owned platinum mining companies operating in the country without recompense.

Empoerment minister, Saviour Kasukuwere, said Zimbabwe "will not pay for her resources".


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