Earlier, Russia and Zimbabwe reached an agreement on the production of platinum group metals. The cost of the project was estimated at $3 billion.
Zimbabwe’s largest platinum project Great Dyke Investments announced that its partner Vi Holding of Russia was withdrawing from the joint project. According to the project, the two companies were planning to develop platinum metals in Great Dyke, Zimbabwe. A representative of the Russian company said his company is the initiator of the termination of the cooperation.
The project has been in place since 2020. Joint activities began that year, but work soon ceased due to a lack of funding. This fact was reflected in the report of the Zimbabwe Centre of Natural Resources Management. The material notes that the deposits in the Great Dike have been empty since 2021.
The Russian company was unable to attract additional investments, as the European business community is trying not to have common projects with Russia after the country invaded Ukraine at the end of February this year.
However, the Zimbabwean company’s CEO has not ruled out resuming the project. He reports that the project will last for 40 years and may be continued in the future.