Zimbabwe’s biggest platinum project has a new challenge – a major stake held by a Russian tycoon is scaring off potential financiers for the $3 billion (R1.8 trillion) mine, people with knowledge of the matter have said. | City_Press
Initial development work on the Darwendale Platinum Project began in early 2020, but operations were soon halted because of a lack of capital. The site has been abandoned since early last year, according to a report by Zimbabwe’s Centre for Natural Resource Governance.
The fear of running up against sanctions stemming from Russia’s invasion of Ukraine means it is also harder to borrow money to develop the project, they said. Machitskiy, who was born in Irkutsk in Siberia, is a childhood friend of Sergey Chemezov, CEO of Rostec. Machitskiy was on the board of several of Rostec’s units, while Chemezov himself is a close ally of Russian President Vladimir Putin, with whom he once worked in Germany. Chemezov is sanctioned by the US, the EU and the UK.
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Zimbabwe platinum project faces challenge over stake held by Russian tycoonA major stake held by a Russian tycoon in the Darwendale deposit is scaring off potential financiers for the $3bn mine, people with knowledge of the matter say
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