Zimbabwe-Russia JV plans $1.6 billion platinum investment

(Reuters) – A Zimbabwe-Russia joint venture company, Ruschrome Mining, plans to invest $1.6 billion in developing a platinum mine and constructing a smelter and refinery in the African state. Zimbabwe holds the world’s second-largest known platinum deposits and two of the biggest producers of the metal, Anglo American Platinum (AMSJ.J) and Impala Platinum Holdings (IMPJ.J), have operations there.

The first phase of the deal would include developing the mine and constructing a concentrator at a cost of $500 million, while a platinum refinery would be built in the final phase.