UPDATE 1-Russia-Zimbabwe Great Dyke Investments needs $500 mln for phase 1 of platinum mine [Reuters]
IMPALA PLATINUM HLDGS ADR (IMPUY)
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Source: Reuters
UPDATE 1-Russia-Zimbabwe Great Dyke Investments needs $500 mln for phase 1 of platinum mine (Adds detail, background) HARARE, Oct 22 (Reuters) - Russian-Zimbabwean joint venture Great Dyke Investments (GDI) said on Tuesday it required a further $500 million for the first phase of its Zimbabwean platinum mining project and was in advanced talks with Russian and South African lenders for syndicated financing. Russia’s Vi Holding, through its JSC Afromet subsidiary, owns half the shares in GDI, while Zimbabwe’s Landela Mining Venture (Pvt) Ltd owns the rest. The venture, which had initially earmarked $400 million for the first phase of the project, aims for the mine to start production in 2021 and at its peak produce 860,000 ounces of platinum group metals and gold per year. Zimbabwe is seeking to quickly exploit its reserves of platinum, which is used in catalytic converters to limit emissions, at a time when vehicle manufacturers are boosting production of electric cars powered by lit
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