Russians quit large Zim platinum project, which Mugabe took from Implats | Fin24

Russia’s Vi Holding has quit its involvement in Zimbabwe’s Great Dyke Investments platinum company.

The Russian company has ceded its 50% stake in the company to Zimbabwe’s Kuvimba Mining House, according to an email from Great Dyke, which didn’t give a reason for the change in shareholding. Igor Higer, who had served as Great Dyke chairman and is a represenative of Vi, said his company has exited the arrangement.

But last week Bloomberg reported that the project was struggling to get off the ground for the past two years as the Russian holding was scaring off potential financiers for the $3 billion mine.

Darwendale has been tied to Russia since 2006, when former Zimbabwe president, Robert Mugabe, took the concession from a local unit of South Africa’s Impala Platinum and handed it to Russian investors. The first venture to try and tap the deposit was named Ruschrome Mining - it included a state-owned mining company, the Zimbabwe Mining Development Corp., Russian defence conglomerate Rostec, Vnesheconombank and Vi Holding.

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