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Development Of The Platinum Deposit In Zimbabwe
June 6, 2014 16:55


Vi Holding owned by Vitaliy Mashchitskiy, “Rostekh” and Vnesheconombank (VEB) created a consortium for development of the platinum deposit Darwendale in Zimbabwe, as “Kommersant” writes.

This deposit is the second largest in the world. The arranger of the project will be VEB which is commissioned to raise $ 3 billion; and the government of Zimbabwe, in its turn, promised to grant a “wide access” to its market to Russia. The transaction of buying 50% stake in the Zimbabwean Ruschrome Mining owning the license for its development was concluded in May 2013, and the creation of a consortium was executed on April 8, 2014.

The remaining 50% of shares are owned by a local company representing the interests of the state. The Consortium is planning to complete the survey on the main units and confirm the stocks by international standards by the end of this year. The first stage of construction of the mining and processing complex will begin in 2015 (investment amount is $ 500 million, it will take up to three years).

The total amount of investment in the project with a payback period of six years will be about $ 3 billion. Sergei Chemezov proposed to appoint VEB an arranger; the proposal was approved by Vladimir Putin who endorsed the letter with “approved” notice.  After that the project got off the ground, as the source of “Kommersant” in the government structure noted. The Deputy Prime Minister Arkadiy Dvorkovich commissioned the Head of Vnesheconombank Vladimir Dmitriev to “participate in the creation of a consortium as an arranger” on April 28.


Author: Anna Dorozhkina

Tags: Vnesheconombank Russia international Russian investments   

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