Russia will be expanding its presence in the mining sector of Zimbabwe with the two countries reported to have finalised a deal for a US$ 3 billion investment in developing a platinum mine in Darwendale. The agreement was finalised during a visit of Russia's foreign affairs minister, Sergey Lavrov to the country recently.

According to reports in the local media,the countries will form a new consortium, Great Dyke Investments (GDI),comprising Pen East Investments of Zimbabwe and Afronet, a group of three Russian partners. They will explore investments in platinum and other minerals, beginning with developing the Darwendale mine and the construction of a smelter, a senior company official told the media.The Darwendale mine will see peak production at 800,000 ounces a year. The first phase of the project will be completed by 2017.

Russia’s Industry and Trade Minister Denis Manturov is also reported to have said that Alrosais has presented a proposal to extend expert assistance to Zimbabwe in the field of organising the system of sorting, valuation and marketing of its diamonds.