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Russian Plan to Dig Biggest Zimbabwe Platinum Mine Advances

  • Afreximbank due diligence sets up $500 million fund raising
  • Great Dyke Investments may produce 860,000 ounces of metals
A security guard stands at the entrance gates of the Great Dyke Investments project in Zimbabwe.
A security guard stands at the entrance gates of the Great Dyke Investments project in Zimbabwe.Photographer: Godfrey Marawanyika/Bloomberg
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A project that aims to develop Zimbabwe’s biggest platinum mine has cleared a significant hurdle, with the African Export-Import Bank completing a due diligence study allowing it to proceed with a $500 million syndicated funding program.

While some work has started on the mine, with $100 million spent to date including exploration costs, a significant amount of investment will now be needed if Great Dyke Investments, owned by Russia’s Vi Holding and Zimbabwean investors, is to complete the $2 billion project.