Army Disposes Of Stake In Platinum Joint Venture

President Emmerson Mnangagwa said that the Zimbabwe Defence Forces has disposed of its stake in a $4 billion platinum joint venture with Russian investors.

According to The Standard, the military, through the Zimbabwe Defence Industries, and Zimbabwe Mining Development Corporation (ZMDC) together hold 30% of the joint venture, known as Great Dyke Investments, through a company they control, Pen East (Pty) Ltd.

Reports over the past few months had indicated that the military’s involvement in the US$4 billion platinum project was the main reason why the deal commissioned in 2014 had stalled.

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Speaking during an interview with Bloomberg in Mozambique during the just-ended US-Africa Business Summit, President Mnangagwa said:

They have moved out, we have removed the Zimbabwe Defence Forces. It is now owned by a private company.

We moved the army out, which had initially been part of the shareholding.

So it is now 50/50, the other 50% is owned by the Russians and the other 50% by a local Zimbabwean company, which bought out the army.

More: The Standard

Zimbabwe Mining Development CorporationZimbabwe Defence Forces

Zimbabwe Mining Development Corporation (ZMDC) was established by an Act of Parliament No. 31 of 1982. Read More About Zimbabwe Mining Development Corporation

The Zimbabwe Defence Forces is the grouping of security forces in the Republic of Zimbabwe under which the Zimbabwe National Army (ZNA) and Air Force of Zimbabwe (AFZ) fall. The Commander in Chief of ZDF is the president of Zimbabwe, Emmerson Mnangagwa and Commander is... Read More About Zimbabwe Defence Forces

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Army Disposes Of Stake In Platinum Joint Venture