Mugabe is a hard-working charming fellow. He hugged the world’s largest nation – Russia – in 2014.
Now, the northern Eurasia country has pumped over $53 million as investment into Zimbabwe, and are set to increase that to $4.2 billion to power platinum mining in the country.
Zimbabwe and Russia officially commissioned a $3 billion platinum mining project in 2014 as a joint venture between Moscow and Harare.
The joint venture established as Great Dyke Investments has so far, lured Russia to dump over $53 million as investment for the Darwendale platinum mining project.
Zim’s Finance Minister Patrick Chinamasa confirmed this in a report to the ZanuPF National Consultative Assembly held in Harare recently.
While the Minister informed the gathering that the platinum resource at the site was of high-grade, he revealed that millions has been invested by the Russian partner.
“The quality of platinum, at 3,2g/tonne is favorable. Work on the Minerals Resources Report that will help improve transparency is currently underway. The construction of the concentrator is expected by September this year,” Chinamasa reported and added – “the Russian investors in the Great Dyke platinum project have so far invested about $53 million.”
Meanwhile, investment levels are expected to increase to about $4.2 billion over the next 10 years.
The project will undoubtedly, create employment for thousands of Zimbabweans and Africans at large. Almost a million ounces of platinum are expected to be produced annually.
BuzzSouthAfrica gathered that the investment is the biggest joint venture Zim’s government has entered with a foreign investor since Zimbabwe gained independence.
Reporting this, Zim’s state media stated that the joint venture is expected to stimulate growth in various sectors of the economy.
“The joint venture, Great Dyke Investments, is between the Zimbabwe Mining Development Corporation and a Russian consortium…During the commissioning of the project, three agreements were signed, with the first being the intergovernmental agreement on cooperation in the implementation of the project, which was signed by Foreign Affairs Minister Simbarashe Mumbengegwi and Russian Minister of Industry and Trade Mr Denis Manturov.
Also signed was the financing agreement for Darwendale project, signed between Afromet and VB Bank and another agreement on staff training between Great Dyke Investments and Russia University of Science and Technology. The project would be implemented in phases,” related the state media.