Zimbabwe Eyes $500 Million Investment for 44 Million Ounces of Platinum Mining. Harare, Zimbabwe — Mutapa Platinum Group, a subsidiary of the state-owned mining company, is actively seeking international partners to invest $500 million in the development of a platinum mine with the potential to yield 44 million ounces of platinum.
The Darwendale project, a part of the Great Dyke Investments (GDI) venture, is at the forefront of this ambitious initiative.
GDI, a joint Russian — Zimbabwean venture, is aiming to secure the substantial funding to kickstart the first phase of mining operations.
According to local reports, the Darwendale project is expected to produce 860,000 ounces of platinum annually, with its full capacity reaching 44 million ounces.
The project is a significant step for Zimbabwe, which boasts substantial platinum reserves but has struggled to exploit them due to economic and political challenges.
The African Export — Import Bank has completed due diligence for the $500 million funding, with the project already having invested $100 million in geological exploration and construction, including the development of two mine portals and surface infrastructure.
The mine is set to begin operations in 2021. Officials commented on the matter. “.
We are looking for investors who share our vision of sustainable mining and economic growth.”
The potential economic benefits for Zimbabwe are substantial.
The mining sector is a major contributor to the country’s GDP, and the Darwendale project could generate significant revenue and employment opportunities.
However, critics argue that the high costs and environmental impact of mining must be carefully considered.
The project has the potential to become the largest platinum mine in Zimbabwe, contributing to the country’s efforts to boost mining output and earn billions annually.
As the project moves forward, Further details regarding the potential investors and the project’s timeline are expected to be announced in the coming weeks.
Source: Africa.
*Additional reporting by ImNews | Sources consulted: 5*
