A 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
Picture: REUTERS/MICHAEL DALDER
But Kuvimba Mining House, which owns 50% of the project and which the government says it controls, has been unable to attract fresh investment because European platinum buyers don’t want to enter into purchase agreements with an entity with Russian shareholders, the people said. The fear of running up against sanctions stemming from Moscow’s invasion of Ukraine means it’s 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, according to Forbes. Maschitskiy was on the board of several of Rostec’s units, while Chemezov himself is close ally of President Vladimir Putin, with whom he once worked in Germany. Chemezov is sanctioned by the US, EU and UK.
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