Russia Stake in Biggest Zimbabwe Platinum Project Deters Backers
- Russian investors have also been frustrated by slow progress
- Darwendale platinum mine could cost $3 billion to excavate
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Zimbabwe’s biggest platinum project, struggling to get off the ground for the past two years has a new challenge. A major stake held by a Russian tycoon is scaring off potential financiers for the $3 billion mine, people with knowledge of the matter said.
Initial development work on the Darwendale deposit began in early 2020, but operations at the project were soon halted because of a lack of capital and the site has been abandoned since early last year, according to a report by Zimbabwe’s Centre for Natural Resource Governance. Vitaliy Machitskiy’s Vi Holding, which has a 50% stake, is reluctant to continue investing after years of delays, the people said, asking not to be identified as the talks aren’t public.