Business / Companies
Russian fixer handed rich platinum concession in Zimbabwe
04 Jun 2013 at 05:26hrs | Views
MOSCOW - A Russian fixer handed an "exclusive licence" to develop the Darwendale platinum deposits in 2006 has said he is ready to bail-out and sell his shares on the open market if the multi-million dollar project fails to get off the ground.
Alexander Chepik's Center for Business Cooperation with Foreign Countries partners the Zimbabwean military in a joint venture which was established to develop the country's second biggest platinum mine at Darwendale.
But several years after Ruschroome Mining - headed by defence ministry permanent secretary, Martin Rushwaya - was formed, Chepik says he is still looking for investors to pump-in the US$350 million needed to get the project off the ground.
The deal appears to have stalled after Chepik fell out with another Russian investor, the billionaire Viktor Vekselberg, who pulled out, accusing Ruschrome of reneging on an agreement to sell a 50 percent stake in the project to his Renova Group.
Alexander Chepik's Center for Business Cooperation with Foreign Countries partners the Zimbabwean military in a joint venture which was established to develop the country's second biggest platinum mine at Darwendale.
But several years after Ruschroome Mining - headed by defence ministry permanent secretary, Martin Rushwaya - was formed, Chepik says he is still looking for investors to pump-in the US$350 million needed to get the project off the ground.
The deal appears to have stalled after Chepik fell out with another Russian investor, the billionaire Viktor Vekselberg, who pulled out, accusing Ruschrome of reneging on an agreement to sell a 50 percent stake in the project to his Renova Group.
Source - newswires
