Zimbabwe, Russia sign $3 bln deal to develop platinum mine - CNBC Africa

Zimbabwe, Russia sign $3 bln deal to develop platinum mine

Mining

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Zimbabwe and Russia on Tuesday signed a $3 billion deal to develop a platinum mine in Darwandale. PHOTO: Path Finder

The mine will target production of 250,000 ounces annually within three years, a presentation by the Zimbabwean ministry of mines ministry showed.

The presentation said the mine would have peak production of 800,000 ounces a year, which should help Zimbabwe produce 1 million ounces annually in five years’ time.

President Robert Mugabe and Russian Foreign Minister Sergey Lavrov oversaw the signing of the agreement in Darwendale, 70 km west of Harare.

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