from DANAI MWARUMBWA in Harare, Zimbabwe
Zimbabwe Bureau
HARARE, (CAJ News) – GREAT Dyke Investments (GDI), the Zimbabwean firm, has invested about US$100 million (R1.9 billion) at its Darwendale Platinum Mine.
This is a fifth of the whole cost of the total projected investment.
“This project is now valued at over US$2,5 billion (R47.5 billion) and with a life span of mine over 50-60 years,” Munashe Shava, GDI mining project leader and Chief Operating Officer, told journalists during a tour of the mine.
Shava meanwhile disclosed GDI was not courting any foreign investors into its multi-billion dollar project, following the pulling out of Russia’s Vi Holdings.
Vi Holdings pulled out from the 50-50 joint venture in June last year after global sanctions were imposed against Russia following its war with Ukraine.
Majorly-owned (65 percent) by the government of Zimbabwe, Kuvimba Mining House (KMH) took full control of GDI after the withdrawal of the Russian investment and industrial group.
“I think you are all aware that the Russian and Ukraine issue brought in a new dimension to the project because the other joint venture partner was Russians and obviously with what was happening, they had to pull out of the project,” Shava said.
He added, “So, a strategy has been put in place to recommence the project and that’s what we are working on and very soon we should be back on the ground.”
Located on the mineral-rich Great Dyke, the long-delayed project was expected to have a peak production capacity of 860 000oz of platinum group metals (PGMs) a year.
Initial development work on the project started in early 2020 and according to Shava, exploration and feasibility studies have been completed.
“We are actually being accused of over-exploring it,” Shava said.
“The project has got about 44 million ounces of PGMs. So it’s by no means a small project,” he added.
“It’s quite a big project so the exploration is complete, the feasibility studies were completed, the execution was done, which is the development of the primary mine access, including the box and declines.”
Other major players in the industry include Mimosa, Ngezi, United and Zimplats.
– CAJ News