Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
The United States is wagging its finger at Zimbabwe, threatening to ratchet up sanctions over a plan to develop a platinum mine involving Russian and Zimbabwean companies.
According to NewZimbabwe.com, Washington has said it will accelerate sanctions imposed against Harare in 2003, due to the Robert Mugabe-led government’s closer ties with Russia over the US$3 billion Darwendale platinum project. The website bases its claim on Zimbabwe Herald columnist Nathaniel Manheru, who it says is President Mugabe’s spokesman George Charamba. The claim has not been verified by the U.S. Embassy in Harare.
The platinum mine is being developed by a company called Great Dyke Investments, which is 50/50 owned by PenEast and Afromet.
“At full development in 2024, the mine will produce 800,000 platinum ounces, pushing Zimbabwe’s output over one million ounces, and create 8,000 jobs,” the online newspaper notes.
Since Russia annexed Crimea in March, Washington and the EU have sought to isolate and punish the Kremlin, by tightening restrictions on major Russian state banks and corporations. Senior Russian officials, separatist commanders and Russian firms accused of undermining Ukrainian sovereignty, have also been blacklisted.
The United States imposed sanctions against Zimbabwe in 2003 after accusing Mugabe of human rights abuses and electoral fraud. The country has the world’s second largest platinum reserves after South Africa.
Correction: Ownership of Great Dyke has been amended.
15 Comments
PMFR
Poor Zimbabwe – they just can’t catch a break!
Changamire Dombo
Absolute rubbish on the part of USA…always trying to use power and not reason …creating more enemies for itself than any other country on earth. Ok bring them on the damn sanctions… USA govt is not only racist, anti-Zimbabwe black govt, but a bully. the sanctions wont work. Thanks to Russia and China. CHANGAMIRE DOMBO
Paul
This is BS. We can all see who the aggressor is here. Russia and other nations seek peace, while the West, with the US in the lead, want to push us into an official WWIII based on fables and lies.
sam
Good will always prevail over evil
Bongani
why, why the hating, strangely sanctions only affect the poor, the rich send their children abroad and we remain in pain, or go to RSA and be burden there.
Amon Magama
Our country, our minerals our terms. Stop these sanctions they don’t get anyone anyway.
think
The reason the sanctions are there is because the Ukraine was not allowed a similar motto: Our country, our land, our freedom to govern it. Think about who you’re in business with.
Thestarv
The interesting thing to note is that sooner or later, the united states is going to find itself putting sanctions on the whole world.. at which point they will stand alone.
andre
US should impose sanctions – the sooner the better. Cry me a river.
Fed up
What rubbih, Russia issimply a bully, as is Mugabe. They both murder people at will!
GAD1066
I recommend Dale Carnegie. 101
Rich Purtell
As an American I am frustrated by the behavior of our increasingly authoritarian government. Not only does our government oppress other countries, but our own citizens. This is done through much propaganda and subterfuge. I voted for Gary Johnson in 2012, and he only received 1% of the vote. Mitt Romney and President Obama, in spite of being from two different parties, are political twins. As many have said, we have a one party state masquerading as a two party state.
Now that I got that off my chest, any sanctions between the US and other countries need to be as a direct result of relations with that country. If we hold sanctions against Russia, we can implore other countries to join, but imposing sanctions against other nations who decide NOT to join is bullying behavior.
I apologize for the behavior of our federal government in these matters. But please understand that this behavior is not the will of the majority of our population.
mai Chibwe
Zim must first learn to vote for progressive politician unlike the likes of Mugabe, Morgan, Ago, and Ncube, and encourage potentially progressive politician to participate, unlike the likes of Grace, Gidion, Teu, or Munangagwa. Get the political landscape cleaned and new trees planted, then become a participant in international and internal affairs without the eye of suspicion being cast over us.
Vote with intelligence. Look how rich the country is yet the potholes on the roads, the police road blocks for collecting illegal taxes every ten km, the high cost of goods, the poor job scene, the high crime rate, the political intolerance, the looting by the elite, etc. Vote with intelligence.
Charlie
Ha! What planet do you live on!
mudley
For sure, and the US should get Cuba. Cuba for Crimea. That seems like a pretty fair trade to me.