Fin24 reports that the Zimbabwean government has penned an agreement with the Russian Federation for a new platinum mine worth R55 billion.
The mine will be developed on a prospect held by Great Dyke Investment, a company jointly owned by a Russian state-controlled company and the Zimbabwean government.
The deal was revealed by the Deputy Minister of Mines and Mining Development, Polite Kambamura in Johannesburg where he was attending a conference. Kambamura is quoted as saying:
Two weeks ago we finalised the agreement and the Russians are ready to come on the ground.
The deal was initially signed in 2014 but there has not been progress since.