Great Dyke Investments (GDI), a platinum venture which is 50 percent owned by Zimbabwean businessman Kudakwashe Tagwirei has announced its need for an additional $500 million for the first phase of its Darwendale platinum project near Harare, Zimbabwe.
The project, deemed pivotal for Zimbabwe’s economic growth, aims to harness the nation’s platinum reserves crucial for controlling auto emissions.
In a recent announcement, GDI disclosed that it is currently engaged in advanced talks with financial institutions from Russia, South Africa, and Zimbabwe to secure the necessary financing for the project — the funds will be allocated for equipment, machinery, and services procurement, signaling a significant stride toward the realization of the Darwendale project.
“Advanced negotiations are currently underway with a number of South African, Russian, and Zimbabwean financial institutions to participate in the syndicate providing funds for equipment, machinery, and services procurement,” GDI stated.
Kudakwashe Tagwirei’s GDI to drive economic growth through Darwendale platinum project
Vi Holding — through its subsidiary JSC Afromet — owns 50 percent of GDI, while the remaining half is owned by Landela Mining Venture, a subsidiary of Sotic International Ltd., linked to Tagwireyi.
The Darwendale project, initially budgeted at $400 million, is situated in the mineral-rich Great Dyke belt, aiming to commence production with anticipated peak production reaching 860,000 ounces of platinum group metals and gold annually.
Tagwirei, a leading commodities trader with interests in the energy sector, is the CEO of Sakunda Holdings. As the founder of this Zimbabwean conglomerate, Tagwirei oversees subsidiaries in the energy, mining, logistics, and trading sectors.
Sakunda Holdings plays a vital role in importing and supplying diesel, petrol, renewable biofuel, and kerosene to Zimbabwe, Malawi, and Zambia.
The Darwendale platinum project represents a significant step forward in Zimbabwe’s economic development, and the ongoing funding negotiations signify the commitment of all stakeholders involved — the successful completion of this venture is expected to have far-reaching implications for both the local and international markets.