A group of companies that includes state-owned Rostec and Vneshekonombank is buying a 40 percent stake in a project to develop Zimbabwe's Darwendale, the world's second largest platinum field.
The consortium will invest in Ruschrome Mining, a Russian-African joint venture licensed to mine the field, Kommersant reported Friday, citing sources close to the deal and at the Russian Foreign Ministry.
The talks on the deal, which also includes the Netherlands-based aluminum company Vimetco, ended in mid-July, when Ruschrome's board of directors approved attracting a strategic investor to the project.
The Zimbabwean government and Zimbabwe's Center for Business Cooperation with Foreign Countries, an association of machinery producers and defense companies, each hold 50 percent in Ruschrome. The center will retain a 10 percent stake in the project.
Kommersant's source estimated the deal's value at $300 million.
The Darwendale platinum project in Zimbabwe has 19 tons in proven reserves and 775 total tons of metals including palladium, gold, nickel and copper.
Both Vneshekonombank and the Center for Business Cooperation with Foreign Countries declined to comment on the deal. Rostec said that developing international projects is one of its priorities and that it's ready to enter into joint ventures in developing countries.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
