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Russia’s Vi Holdings says it has exited from <a href="https://www.pindula.co.zw/Great_Dyke_Investments">Great Dyke Investments</a>, leaving the future of what is supposed to be Zimbabwe’s biggest platinum project at risk. 
Vi Holdings is surrendering its 47.8% stake to its local partners, Kuvimba Mining House and Fossil, according to Vi Holdings representative Igor Higer. 
Higer did not give reasons for the decision, according to Bloomberg.
However, industry officials say Russian involvement in Ukraine had made GDI’s already tough fundraising mission impossible. 
GDI had planned to mine the first ore in 2021 and at its peak produce 860 000 ounces of platinum. This would have made it the biggest mining venture in Zimbabwe. 
However, <a href="https://news.pindula.co.zw/2022/06/03/zimbabwes-biggest-platinum-project-has-new-challenges-report/">GDI saw a series of missed fundraising deadlines</a>, and the collapse of funding proposals under sanctions on Russia put on a lid on the project.
In 2020, GDI announced that the African Export-Import Bank (Afreximbank), the lead arranger for project funding, had completed due diligence on the project, allowing the company to start raising capital.
But GDI Chief Executive Officer Alex Ivanov said coronavirus delayed project fundraising, which was originally due to be completed in 2021. Financing of a US$665 million first phase development was pushed to the first quarter of 2021. 
In December 2020, in a bid to raise capital, GDI sold a 4.4% stake for US$30 million to Fossil Mines as COVID-19 disrupted fundraising. 
That sale valued GDI at US$680 million.
Vi Holding, owned by Russia’s Vitaliy Machitskiy, has had to carry the burden of exploration alone, spending US$100 million on pre-development. 
Needing funding, GDI reportedly tried to sell the project to Implats, which runs Zimplats. But Implats turned down the offer over concerns about the ownership of GDI, especially the <a href="https://news.pindula.co.zw/2022/01/15/as-u-s-sanctions-loomed-tagwirei-mopped-up-zimbabwes-scarce-dollars-worsening-economic-woes/">involvement of Kuvimba. </a>
Sanctions on Russian businesses over Ukraine made GDI’s efforts to raise capital even harder. Russian companies are no longer able to raise capital in London or New York, making Afreximbank’s task virtually impossible. 
Signs that funding was hard to get showed as work stalled at the site, and the company started to seek out cheaper ways to develop the mine. 
Kuvimba CEO Simba Chinyemba recently said the strategy for the project has had to change. Chinyemba said:
<blockquote>
After further exploration and analysis common to projects such as this, it is now believed that the orebody may be more amenable to an open-pit project. GDI is thus remodelling the whole Darwendale project in order to take this into account.
</blockquote>
The failure of GDI is a major knock for Zimbabwe, which has placed mining at the centre of efforts to end the economic crisis. 
<h2>More: <a class="external text" href="https://zero.pindula.co.zw/download/" rel="nofollow">Pindula News </a>is best enjoyed via <a class="external text" href="https://zero.pindula.co.zw/download/" rel="nofollow">the App. Download it here</a></h2>

Pindula News

Zimbabwe’s Biggest Platinum Project At Risk As Russian Investor Quits

The decision by the government to give Great<a href="https://news.pindula.co.zw/2021/01/27/company-linked-to-tagwireis-landela-mining-great-dyke-investments-granted-a-tax-holiday/"> Dyke Investments(GDI) a tax holiday</a> has been challenged at the High Court. According to Zimbabwe Lawyers for Human Rights (ZLHR), Dumisani Dube is seeking the suspension of SI26/2021 that gives GDI a tax holiday because it is unconstitutional.
<blockquote>Urgent application has been filed seeking suspension of SI 26/2021. Dumisani Dube represented by <a class="css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-poiln3 r-bcqeeo r-qvutc0" data-focusable="true" dir="ltr" href="https://twitter.com/ZLHRLawyers" role="link">@ZLHRLawyers </a>Tanaka Muganyi, argues that exemption of Great Dyke Investments Pvt Ltd from paying taxes is unconstitutional, it violates the right to equal protection of the law.
SI 26/2020 also violates sec 298(1) of Const on principles of public finance management, sec 298(1)(b)(i) on burden taxation that must be shared equally.</blockquote>
Tagwirei’s Landela Mining Venture according to <a href="https://www.financial-world.org/news/news/business/6019/zimbabwes-landela-mining-to-purchase-four-stateowned-gold-mines/">Financial World</a> and another company called Fossils Mining according to Tendai Biti reportedly own 50% of Great Dyke Investments and the other 50% is owned by a Russian company Vi Holding (through its JSC Afromet subsidiary).
Source: <a href="https://twitter.com/ZLHRLawyers/status/1357667427081981957">ZLHR</a>

Govt's Decision To Exempt Tagwirei Linked Company Great Dyke From Paying Taxes Challenged

Great Dyke Investments a mining venture that is jointly owned by Russia’s Vi Holding (through its JSC Afromet subsidiary) and Zimbabwe’s Landela Mining Venture according to <a href="https://www.businesslive.co.za/bd/companies/mining/2020-12-13-great-dyke-earmarks-us650m-investment-in-zimbabwe-platinum-project-by-2022/#:~:text=GDI%20is%2050%25%20owned%20by,is%20expected%20to%20be%20completed.">Business Live South Africa</a> has been granted a 5 year tax holiday by the government of Zimbabwe.
Landela Mining venture is linked to businessman Kuda Tagwirei who reportedly holds a controlling stake in the company according to <a href="https://www.financial-world.org/news/news/business/6019/zimbabwes-landela-mining-to-purchase-four-stateowned-gold-mines/">Financial World </a>
The news of Great Dyke Investments (GDI) which is expected to start mining in Darwedale next year being granted a tax holiday came to light through General Notice 77 of 2021 which stated that:
<blockquote>General Notice 77 of 2021.
INCOME TAX ACT [CHAPTER 23:06]
Declaration of holder of special mining lease as approved holder for purposes of exemption from certain taxes
THE Minister of Finance and Economic Development, in terms of section 36 of the Income Tax Act [Chapter 23:06], hereby declares Economic Great Dyke Investment (Private) Limited company to be an approved holder of a special mining lease with effect from 1st January, 2020. for purposes of sections 26,30,31 and 32 of the Act in respect of non-resident tax chargeable on
(a) dividends payable to any non-resident shareholders of Great Dyke Investment (Private) Limited in connection with special mining lease operations of Great Dyke Investment (Private) Limited.
(b) fees payable to non-resident person for services performed by them in connection with special mining lease operations, but not remittances payable to the parent company in respect of management services.
(c) remittances effected in respect of allocable expenditure in connection with special mining lease operations, but not remittance payable to the parent company in respect of management services.
(d) royalties to any non-resident persons in connection with special mining lease operations.
HON. MTHULI NCUBE,
27-1-2021. Minister of Finance and Economic Development.</blockquote>
<img alt="" class="alignnone wp-image-194714 size-full" decoding="async" height="1080" loading="lazy" sizes="(max-width: 911px) 100vw, 911px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2021/01/GDI-tax-holiday.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2021/01/GDI-tax-holiday.jpeg 911w, https://news.pindula.co.zw/wp-content/uploads/2021/01/GDI-tax-holiday-253x300.jpeg 253w, https://news.pindula.co.zw/wp-content/uploads/2021/01/GDI-tax-holiday-864x1024.jpeg 864w, https://news.pindula.co.zw/wp-content/uploads/2021/01/GDI-tax-holiday-768x910.jpeg 768w" width="911"/>

Company Linked To Tagwirei's Landela Mining, Great Dyke Investments Granted A Tax Holiday

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