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Harare - Russia's trade minister on Monday said his country is set to sign a major joint platinum mining deal with Zimbabwe as the two nations kicked off bilateral talks.
"The priority project for us is the Darwendale platinum project," said minister Denis Manturov, in Zimbabwe's capital Harare.
The agreement is expected to be signed during a visit by Russian Foreign Minister Sergei Lavrov, who was expected to arrive in Harare on Tuesday.
Details of the platinum deal were not disclosed Monday, but in July, the Kommersant newspaper reported that Russia's Vi Holding, state technology group Rostec and investment bank Vnesheconombank had formed a consortium to jointly develop the Darwendale platinum field in Zimbabwe.
With proven reserves of 19 tonnes of platinum and 755 tonnes of platinum group metals, the fields in Zimbabwe's north are among some of the largest in the world.
The mine will reportedly have a capacity to produce up to 600 000 ounces of platinum a year, making it the largest in the country.
Zimbabwe is the third producer of platinum after South Africa and Russia, but has the second-largest known reserves after South Africa.
Manturov said Russia is keen to invest in several other sectors in Zimbabwe including agriculture, energy, infrastructure development, tourism, and health.
It will also look into military co-operation, he said without giving details.
"I believe that there are vast opportunities for broadening our bilateral co-operation in various spheres."
Zimbabwe's Foreign Affairs Minister Simbarashe Mumbengegwi appealed for more investment into the ailing economy.
"Our economy requires investors in every sector," pledging to honour "each and every agreements we have entered."
DTZ-OZGEO, a Russia-Zimbabwe joint venture company, is involved in the mining of diamonds and gold.
With companies shutting down, downsizing or migrating to neighbouring countries amid an economic downturn, Zimbabwean authorities are on an investment luring spree.
President Robert Mugabe was last month in China to seek investment in the various sectors of the economy.
Investors have been scared off by a controversial law which requires foreign firms to hand over 51% of their shares to black Zimbabweans.
Earlier this year, the government said it would amend the law.
Mugabe, 90, has led the country since 1980 but his decades in power have increasingly been characterised by economic crisis.
Once the breadbasket of southern Africa, Zimbabwe now imports basic goods from neighbouring countries and is grappling with unemployment of around 80%.
It was forced to slash its growth forecast for the year from 6.1% to 3.1% due to weak economic activity.
