Russia and Zimbabwe are to sign a deal to jointly develop a new platinum mine in the Darwendale district of Zimbabwe, Russian trade minister Denis Manturov and Zimbabwean foreign minister Simbarashe Mumbengegwi have said.
Manturov was quoted by Bloomberg as saying: "The priority for us is the Darwendale platinum project."
The proposed mining site has proven reserves of 19t of platinum and 755t of platinum group metals. The mine, which is estimated to be worth $3bn, is expected to have a production capacity of 600,000oz of platinum a year, making it the largest mine in the country.
Impala Platinum Holdings operates some of the biggest mines operating in Zimbabwe, but it was forced to close the largest following a collapse at the mine last month.
The mine had produced 240,000oz of metal for the financial year ended in June, reported The Daily News Nation.
In addition to Impala Platinum Holdings, other platinum miners in the Zimbabwe area include Aquarius Platinum and Anglo American Platinum.
After South Africa and Russia, Zimbabwe is the third largest producer of platinum, but has the second-largest known reserves after South Africa.
Manturov was quoted by News24 as saying: "I believe that there are vast opportunities for broadening our bilateral co-operation in various spheres."
Separately, the Zimbabwe Mining Development (ZMDC) has signed a memorandum of understanding (MoU) with Russian firm OMZ-Special Steels to secure mining equipment for its operations.