It’s been a deal that had had failed to garner momentum from 2014, but at last, Zimbabwe has agreed to sign a $4 billion deal with Russia for the constructino of a new platinum mine in the country.
A new platinum-group metals mine on a prospect held by Great Dyke Investment, a company jointly owned by a Russian state-controlled company, will be created. Polite Kambamura, who is the deputy mines minister confirmed this development. He said that the whole process will cost $4 billion,but refused to disclose details on how the structure of the shareholders will be like.
“Two weeks ago we finalized the agreement and the Russians are ready to come on the ground,” Kambamura said, as quoted by Bloomberg.
And then according to the Herald, Afreximbank could finance the project by pouring in $2 billion. The question that always hangs around is whether this will really come to fruition and if it does, will the country benefit from such a huge project? In Zimbabwe, the proceeds from the abundant mineral resources have gone into the hands of a few.
More transparency is needed as this deal rolls into life, so that there can be great accountability in order for the country to benefit.
But we might as well just dream.