Great Dyke Investments (GDI) is planning to invest $400m to construct a precious metals mine and smelter as part of the Darwendale platinum deposit project in Zimbabwe.
The investment will be directed towards the first stage of construction.
The company noted that it is close to selecting a general contractor for construction of a mining and processing plant.
It is expected that the combined processing capacity of the plant and the smelter will be up to ten million tonnes of ore.
GDI expects to produce up to 855,000oz of platinum group metals (PGMs) and gold per year.
GDI board of directors chairman Dr Hepsina Rukato said: “We are going to choose, very soon, our EPC/EPCM from among those already shortlisted for this role.
“We are talking about the implementation of a full cycle of work: detailed design, procurement of equipment, construction materials, machinery, as well as further organisation and control over the construction of the facility.”
The company has already invested more than $60m to carry out an extensive geological exploration campaign and process-related test work to evaluate ore concentration amenability covering a significant portion of the mining lease area.
The programme determined that the lease area has current ore resources of around 17.6 million ounces (Moz) of PGMs and gold.
Based on a banking feasibility study (BFS) conducted last year, available reserves for production at the first project phase stand at 7.8Moz of PGM and gold.
The company has so far completed the establishment of the core facilities of the industrial yard and infrastructure to support initial mine development.
Once the project operates at peak capacity, the company expects to provide employment to 8,000 highly skilled jobs.