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Russian minister to launch Zimbabwe's biggest platinum mine
13 Sep 2014 at 13:56hrs | Views
RUSSIA is set to launch what could become Zimbabwe's biggest platinum mine when Russian Foreign Minister Sergey Lavrov visits the country next week to sign the deal.
The visit comes after President Robert Mugabe recently returned from China where he sealed financing for several infrastructure projects expected to underpin the country's' economic recovery.
Zimbabwe has been actively courting countries such as China and Russia as relations with the West remain strained.
Lavrov, who will be leading a high-powered business delegation, will be in Zimbabwe from September 15 to 17, the ministry of foreign affairs confirmed in a statement.
"He will pay a courtesy call on President Mugabe and participate in the commissioning of the Darwendale Integrated Platinum Group Metals Project on Tuesday," the report said.
According to media reports, the project holds an estimated worth of US$3 billion dollars.
It is said the platinum project will have the capacity to produce 600,000 ounces of platinum annually, much more than what the current biggest miner - Zimplats - is producing.
Zimplats, which was forced to close its biggest 2 million tonnes of ore per annum mine last month after collapsing, produced 240,000 ounces in its full year till June 2014.
Russia has in recent years increased its mining interests in Zimbabwe where it is already exploiting gold and diamonds in the eastern Marange diamond fields.
Using its mineral wealth, Zimbabwe has been developing new sources of financial support among emerging economic powers such as China and Russia as relations with the West fail to improve.
The United States and the European Union imposed sanctions against Harare, more than a decade ago, accusing Mugabe of rights abuses and electoral fraud, allegations denied by the Zimbabwean strongman.
The US has refused to lift its sanctions.
EU, on the other hand, has eased most of its restrictions apart from the travel ban on Mugabe and his wife.
The visit comes after President Robert Mugabe recently returned from China where he sealed financing for several infrastructure projects expected to underpin the country's' economic recovery.
Zimbabwe has been actively courting countries such as China and Russia as relations with the West remain strained.
Lavrov, who will be leading a high-powered business delegation, will be in Zimbabwe from September 15 to 17, the ministry of foreign affairs confirmed in a statement.
"He will pay a courtesy call on President Mugabe and participate in the commissioning of the Darwendale Integrated Platinum Group Metals Project on Tuesday," the report said.
According to media reports, the project holds an estimated worth of US$3 billion dollars.
Zimplats, which was forced to close its biggest 2 million tonnes of ore per annum mine last month after collapsing, produced 240,000 ounces in its full year till June 2014.
Russia has in recent years increased its mining interests in Zimbabwe where it is already exploiting gold and diamonds in the eastern Marange diamond fields.
Using its mineral wealth, Zimbabwe has been developing new sources of financial support among emerging economic powers such as China and Russia as relations with the West fail to improve.
The United States and the European Union imposed sanctions against Harare, more than a decade ago, accusing Mugabe of rights abuses and electoral fraud, allegations denied by the Zimbabwean strongman.
The US has refused to lift its sanctions.
EU, on the other hand, has eased most of its restrictions apart from the travel ban on Mugabe and his wife.
Source - Agencies
