Zimbabwe’s Russian-backed platinum project sells 4.4% stake

A Russian-backed project – Great Dyke Investments – that is planning to build Zimbabwe’s biggest platinum mine has sold a 4.4% stake to Fossil Mines, as the pandemic disrupted fundraising for the venture.

Fossil is owned by Zimbabwe’s Obey Chimuka and the firm will invest $30 million in the Darwendale project through a combination of cash and services, including for engineering, procurement and construction.

Billionaire Vitaliy Machitski’s Vi Holding and Zimbabwe’s Landela Mining Venture, will be left with a 47.8% stake each.

The sale values Great Dyke Investments at $680 million, and its Chief Executive Officer Alex Ivanov decried the impact of the pandemic in delaying project fundraising that was originally due to be completed this year.

Financing of $665 million is now expected to be finalized in the first quarter of 2021 under the guidance of Cairo-based Afreximbank.

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