Zimbabwe platinum miner Zimplats will invest $1bn in the expansion of its mines throughout the country.
The firm has invested about $700m to date and is in the process of starting the second phase of its expansion plan, which will cost $500m.
Go deeper with GlobalData
On completion of the expansion in 2014, the firm will carry out further expansion activities, including an underground mine and a concentrator valued at $1bn.
Zimplats chairman Dave Brown said that the new community ownership trust launched by the firm will hold a 10% stake in Zimplats and receive $10m to begin undertaking projects to improve schools, roads and bridges.
The new Zimbabwe law requires the foreign firms to cede 51% of their shares to locals, reports AFP.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
