Mining magnate Billy Rautenbach is understood to have developed plans to develop a new platinum mine in Zimbabwe.

Sources have suggested that the mining mogul is aiming to establish the third largest platinum project in Zimbabwe, after the Zimplats and Mimosa operations.

Mineweb reports that the Zimbabwean Guardian has spoken to sources close to Mr Rautenbach, who have confirmed the scale of the planned project and would be developed in the Dyke region of the country, where the largest deposits of platinum in the country are believed to be held.

"Locals have been lined up to up 30 per cent shareholding in the platinum mine," the sources added.

Such a shareholding would be a starting point for compliance with the Zimbabwean government's new regulations on local ownership, whereby locals must hold 50 per cent shareholdings in every foreign project in the country.

According to the Zimbabwean Guardian, Mr Rautenbach has already met with high-ranking members of the country's government in an effort to secure a deal over the planned platinum project, Mineweb reports.

Source:

Mining mogul Rautenbach to develop Zim's third largest platinum mine, 9/10/07
http://www.mineweb.net/mineweb/view/mineweb/en/page35?oid=38041&sn=Detail

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