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.
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.
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.