Rostec, VEB Buying Into World's Second Largest Platinum Field
- The Moscow Times
- Aug. 12 2013 00:00
- Last edited 16:48
Aágroup ofácompanies that includes state-owned Rostec andáVneshekonombank is buying aá40 percent stake ináa project toádevelop Zimbabwe's Darwendale, theáworld's second largest platinum field.
Theáconsortium will invest ináRuschrome Mining, aáRussian-African joint venture licensed toámine theáfield, Kommersant reported Friday, citing sources close toáthe deal andáat theáRussian Foreign Ministry.
Theátalks onáthe deal, which also includes theáNetherlands-based aluminum company Vimetco, ended inámid-July, when Ruschrome's board ofádirectors approved attracting aástrategic investor toáthe project.
The Zimbabwean government and Zimbabwe's Center for Business Cooperation with Foreign Countries, anáassociation ofámachinery producers andádefense companies, each hold 50 percent in Ruschrome. The center will retain aá10 percent stake ináthe project.
Kommersant's source estimated theádeal's value atá$300 million.
TheáDarwendale platinum project ináZimbabwe has 19 tons ináproven reserves andá775 total tons ofámetals including palladium, gold, nickel andácopper.
Both Vneshekonombank andáthe Center for Business Cooperation with Foreign Countries declined toácomment onáthe deal. Rostec said that developing international projects is one ofáits priorities andáthat it's ready toáenter intoájoint ventures inádeveloping countries.