Great Dyke Investments Ltd., a joint venture between Russia's JSC Afromet and Zimbabwe's Pen East Ltd., plans to invest US$400 million to build the Darwendale precious metals mine and smelter in the African country, Reuters reported March 15, citing a company statement.
According to the report, the venture targets production of up to 855,000 ounces of platinum group metals and gold per year, with operations estimated to last 35 years. The project will create about 8,000 jobs at full capacity.
Initial infrastructure, including roads, storage and residential units, have been built on the site.
Meanwhile, Great Dyke is entitled to receive special terms from the Zimbabwe government, as it is one of a handful of investors spending over US$100 million in the country.
