Zimbabwe, Russia seal mining deal

Date:

The state-owned Zimbabwe Mining Development Corporation (ZMDC) on Monday signed a memorandum of understanding with Russia’s OMZ-Special Steels LLC.
Under the deal, the Zimbabwean parastatal will access equipment for its operations.

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According to financial and business news agency The Source, OMZ would assist ZMDC to modernise its operations through the supply of state-of-the-art equipment.

The MOU was signed during the opening session of the Zimbabwe-Russia Joint Commission in Harare on Monday.

“Our machinery is old and fast becoming obsolete making the entire mining process costly” Zimbabwe’s Foreign Minister Simbarashe Mumbengegwi during the signing ceremony.

OMZ is Russia’s largest manufacturer of metallurgical steel, specialising in forgings for mining equipment.

The agreement is one of several expected to be signed between the two countries during the visit to Zimbabwe by the Russian business delegation led by Russia’s Minister of Industry and Trade, Denis
Manturov.

Russian Foreign Minister Sergey Lavrov was expected in Harare later on Monday to participate in the commissioning of the Darwendale Integrated Platinum Group Metals Project near the capital Harare on Tuesday.

The project is a joint venture between the ZMDC and Russian investors that include VB Bank and RUSTEC.

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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