The Africa Export-Import Bank (Afreximbank) has completed the due diligence study for Great Dyke Investments’ platinum project.
This was revealed by Great Dyke Investments (GDI) chief executive officer Mr Alex Ivanov who was quoted by Bloomberg as saying the development allows the bank to proceed with a US$500 million syndicated funding programme.
Great Dyke Investments is a joint venture between Russia’s Vi Holdings and Zimbabwe’s Landela Mining Venture (Pvt) Limited and is investing US$3 billion into the operation presently under development in Darwendale.
Bloomberg further claimed that funding would be at the end of the year. Ivanov said:
The project funding structure envisages participation of various types of equity investors as well as lenders.
The specific stake to be acquired by potential investors would largely depend on their overall appetite for the project.
The development comes when has announced an ambitious plan to transform the country’s mining sector into a US$12 billion industry in the next four years.
Zimbabwe is endowed with variety of natural resources including minerals – gold, diamonds, platinum and coal; flora and fauna.
Meanwhile, some claim that the state is misusing resources which could have transformed the lives of the citizenry.
These remarks were confirmed by the late former president, Robert Mugabe who claimed that Zimbabwe had lost about US$15 billion due to diamond leakage in Marange, Manicaland.
More: MiningZimbabwe