Zimbabwe’s state-owned Mutapa Platinum Group has secured $100 million to develop its Darwendale project.
"We reached financial closure on the project at the end of last month and secured $100 million," Patrick Maseva-Shayawabaya, chief executive officer of sister company Mutapa Gold, told Bloomberg News in an interview from the capital, Harare. "Civil works are now beginning," he said, following a briefing on the platinum project on Monday.
The Darwendale project, 65 kilometers (40 miles) west of Harare, has an estimated resource of 44 million ounces of platinum group of metals. Mine production is expected to start next year. Zimbabwe has the world’s third-largest platinum reserves, after South Africa and Russia. Mining in the southern African country is currently dominated by three South African companies: Impala Platinum Holdings Ltd., Sibanye Stillwater Ltd and Valterra Platinum Ltd.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing