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Zimbabwe’s Mines Are The World’s 4th-Leading Source of Global Platinum and Palladium, Russia Wants a Piece of The Pie.

Russian Deputy Minister of Industry and Trade Georgy Kalamanov said live from Harare that a new $3 billion platinum complex is going “according to schedule.” With the Deputy Minister noting that Phase I of the project–which includes mines and processing facilities–is just “a first step” for Russia.

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Toward that end, he unveiled plans for Phase II of the platinum development. Which he said will commence in March 2016, and include two new underground mines and a second processing plant.

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This news comes just over a year since Russia initially announced the Zimbabwe project. Suggesting that design and construction has moved very rapidly — showing just how eager Russia is to cement influence in the mining sector here.

The implications are far-reaching for global markets. Russia domestically controls 30 percent of global platinum and palladium output. And Zimbabwe’s mines represent the world’s fourth-leading source of these metals — meaning that Russian control in the African nation could create a stranglehold on this market.

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