African mining sector attracts Russian investors in Moscow

Russia has declared interest in developing the mining industry in Africa through a multilateral approach.

This was disclosed on Thursday during a panel session at the ongoing Afreximbank Annual Meeting in Moscow, Russia.

One of the key focal points of the session was the Russian and African cooperation in the development of the mining industry

The panel session ‘Mining Industry: A Sustainable Approach to Field Development’ was held in Moscow during the open Russia–Africa Economic Conference, part of the Afreximbank Annual Meetings with the support of the Roscongress Foundation and Russian Export Center.

The discussion, which was moderated by IHS Markit Russia’s Director for Consulting Maksim Nechaev and participants included: President and General Director of Wassoul’Or and Chairman of Petroma Inc Canada Aliou Diallo; ALROSA Vice President Vladimir Marchenko; General Director of Vi Holding, Doctor of Mathematics, and Professor of the Russian Academy of Sciences Karima Nigmatulina; Chief Executive Officer of Uralkali and Chairman of the Russian-Nigerian Business Council Dmitry Osipov; and Co-founder and Managing Director of Rich Africa Consultancy Ndapwilapo Selma Shimutwikeni.

In 2017, the Russian Export Center, part of VEB.RF became Afreximbank’s third-largest non-African financial institution or organization shareholder, which has allowed for the rapid acceleration of investment, trade, and economic relations between Russia and African countries. One of the areas positively affected were mining projects in Zimbabwe and Sierra Leone.

Interest has also been expressed in attracting Russian partners to the implementation of projects in the oil industry.

“Notable Russian-African foreign economic projects include the signing of a memorandum of cooperation between the REC and OJSC Afromet (Vi Holding) regarding the comprehensive development of the Darwendale platinum field project in The Republic of Zimbabwe, which was signed during a visit by the president of Zimbabwe to the Russian Federation in January of this year,” said Andrey Slepnev, Chief Executive Officer of the Russian Export Center (REC).

The Russia–Africa Summit will be held in October 2019 in Sochi and will be co-chaired by President of the Russian Federation Vladimir Putin and President of the Arab Republic of Egypt Abdel Fattah el-Sisi, who also heads the African Union.