Zimbabwean government sign mining deal with Russia

Zimbabwe-Harare-Damien FarrellRussian investors will fund a US$1.6bn mining project which will see the construction of a platinum mine, a smelter and refinery in Zimbabwe

Minister Chidhakwa and finance and economic development minister Patrick Chinamasa were in Russia recently to meet members of a consortium, with agreements with the members of the consortium being signed next month.

The consortium gained a 40 per cent stake in Ruschrome Mining, a joint venture licensed to mine the Darwendale platinum fields, according to the Zimbabwean government.

The fields contains 19 tonnes in proven reserves and 775 total tonnes of metals including palladium, gold, nickel and copper, the government said.

"I am confident that work on the Darwendale Concession will be increased particularly after establishing the reserve on the entire concession," said minister Chidhakwa.

"They have also started building the mine itself, houses at the mine, building office blocks and other basic infrastructure including roads. We are also confident that they will also start opening the pit because they will have about two to three years of open cast mining," Chidhakwa added.

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