November 24, 2017

US$ 3bn platinum project commissioned in Zimbabwe

The Zimbabwean Government has partnered with Russia and commissioned a US$ 3bn platinum mining project in Zimbabwe. The project is expected to fuel growth in the country’s economy in years to come.

The joint venture is between the Zimbabwe Mining Development Corporation and a Russian consortium made up of three corporations, VI Holdings, Rostec, a technology partner and Vnesheconom bank, which is the financier.

The project will be implemented in three phases; the first phase of the platinum project is planned to run from 2014-2017. It will involve exploration activities and establishment of relevant infrastructure, and construction and commissioning of the first stage of facilities for mining being carried out. In the second phase to be carried out in 2018-2021, construction and commissioning of two underground mines will be done. This final phase of the platinum project will entail addition of a second processing plant and addition of. This final phase is planned on 2022-2024.

The function was attended by many delegates including President Robert Mugabe, Cabinet Ministers, diplomats, traditional leaders, legislators and Russian senior Government officials and businesspersons.

This is the biggest joint venture Zimbabwe has entered with a foreign investor in its history, with nearly a million ounces of platinum expected to be produced annually, while thousands of jobs would be created.

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