Russian firms invest in Darwendale platinum project

via Platinum Today: Russian firms invest in Zimbabwe’s Darwendale platinum project.  12 AUGUST 2013

A consortium of companies including Russia’s Rostec and Vneshekonombank is buying a 40% stake in a project to develop one of the world’s largest platinum fields in Zimbabwe.

They will invest in Ruschrome Mining, a Russian-African joint venture licensed to mine the field, according to Kommersant.

Parties hope to exploit the Darwendale platinum project’s 19 ts in proven reserves and 775 total ts of metals including palladium, gold, nickel and copper.

Ruschrome is partly owned by the Zimbabwean government and the Center of Business Cooperation with Foreign Countries, an association of machinery and defence firms that will retain a ten per cent stake in the project.

The consortium also includes the Netherlands-based aluminium company Vimetco,

It comes after Zimbabwe’s government said it will seize assets held by foreign-owned platinum mining companies operating in the country without recompense.

Saviour Kasukuwere, minister in charge of the government’s indigenisation policy, said Zimbabwe “will not pay for her resources”.