Zimbabwe Seeks Partners to Develop $500 Million Platinum Mine

Darwendale project site. (Image courtesy of Kudzai Mutisi | Twitter.)

Zimbabwe is actively seeking strategic partners to help develop a proposed $500 million platinum mine at Darwendale, as the country looks to expand production and unlock greater value from its vast platinum group metals (PGMs) endowment.

State-owned Mutapa Platinum Group has approached established mining companies to collaborate on the development of the Darwendale project, which hosts an estimated 44 million ounces of PGMs. Chief executive officer Munashe Shava said development work is expected to begin by the end of the first quarter of 2026.

Speaking at a press briefing in Harare, Shava said the company is pursuing a collaborative development model aimed at accelerating progress on the asset.

“We are engaging other producers already operating in the sector to explore partnerships that can fast-track the project,” he said, adding that discussions with potential backers are at an advanced stage, with funding arrangements nearing completion. However, he declined to disclose the identities of prospective partners.

Located approximately 65 kilometres northwest of Harare, the Darwendale project is a cornerstone of Zimbabwe’s strategy to expand the number of PGM producers operating in the country. Zimbabwe holds the world’s third-largest platinum reserves, after South Africa and Russia, positioning it as a key player in the global platinum market.

Shava said Mutapa Platinum is currently finalising capital budget estimates for the project. The planned open-pit operation is expected to have a mine life of between seven and 10 years, with full development costs likely to reach around $500 million.

“We are open to anyone with credible funding and a long-term commitment to developing the asset,” he said.

Several international mining companies already operate platinum assets in Zimbabwe, including Impala Platinum Holdings through its Zimplats unit, Sibanye-Stillwater, and Valterra Platinum.

With platinum prices remaining volatile but supported by long-term demand prospects, Zimbabwe’s push to bring Darwendale into production underscores the country’s ambition to strengthen its position in the global PGM market through new investment and partnerships.