Russian Consortium to Build $3 Billion Platinum Mine in Zimbabwe

Reuters reported that a consortium of Russian companies is planning to develop a platinum mine in Zimbabwe. The $3 billion project will target 250,000 ounces of annual production within three years, with Mines Minister Walter Chidhakwa stating that the project would have a mine life of 20 years.

As quoted in the publication:

The project, which would include a mine, concentrator and smelter, is located near Harare and comes at a time when economic growth has been slowing after expanding at a blistering pace in the past few years.

That rapid growth followed a decade of contraction and the government is keen to get the ball rolling again as the jobless rate remains close to 80 percent.

On Tuesday Mugabe, alongside Russia’s Foreign Minister Sergei Lavrov, oversaw the signing of an agreement to develop what is expected to become Zimbabwe’s largest platinum mine.

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