Name of the Project
Darwendale platinum group metals (PGMs) project.

Location
Great Dyke, Zimbabwe.

Project Owner/s
Great Dyke is the project implementer, while the project will be controlled on a parity basis between Russian and Zimbabwean shareholders – Afromet JSC and Landela Mining Venture respectively.

In turn, Russian investment and industrial group Vi Holding is the ultimate beneficiary through a 100% stake in Afromet JSC. Vi has been the promoter and key investor in the project since 2013.

Project Description
The Darwendale deposit is a part of the Great Dyke, one of the world’s largest systems of PGMs mineralisation, with shallow-dipping orebodies. The project has a resource of 181-million tonnes of ore containing 17.1-million ounces of PGMs and gold at an average grade of 2.93 g/t.

The project entails the construction of a PGMs mine and processing plant.

Envisaged is the gradual construction of mining, concentrating and smelting facilities, with all related infrastructure, in three stages.

The project will process up to ten-million tons of ore a year to eventually produce up to 855 000 oz/y of PGMs and gold, with Phase 1 of the project expected to produce about 280 000 oz/y of PGMs and gold.

A two-stage expansion plan will later increase production to about 860 000 oz/y of PGMs and gold.

Potential Job Creation
About 1 350 jobs will be created with the development of Phase 1 of the project.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
The mine and associated infrastructure will cost $4-billion.

Phase 1 of the project will cost about $500-million to develop.

Planned Start/End Date
Construction is expected to take two years to complete.

Latest Developments
Great Dyke Investments is close to finalising financing for its Darwendale PGMs project and plans to start construction on the project in the first quarter of 2020.

“There remains a lot of hard work to be done before we can commence development on the ground, but I am confident that the Darwendale project has the potential to become a significant low-cost PGMs producer, ultimately becoming a major part of the global PGMs industry in the midterm,” Great Dyke chairperson David Brown has said.

Advanced negotiations are under way with a number of South African, Russian and Zimbabwean financial institutions to participate in the syndicate, providing funds for equipment, machinery and services procurement.

The main financial partner of the project is the African Export-Import Bank, which has been acting as a mandated lead arranger for the project since early in 2018.

Key Contracts and Suppliers
DRA (bankable feasibility study); Loesche, MSA Group, TOMS Institute and Metallicon (engineering and process design); PwC and SFA Oxford (analytical support); Cresco Project Finance and EY (financial advisers).

On Budget and on Time?
Not stated.

Contact Details for Project Information
Great Dyke Investments, fax +263 474 5237 or email info@greatdykeinvest.com.