Karo Resources Breaks Ground on $4,2b ln Platinum Project
Cypriot miner Karo Resources on Tuesday broke ground on its $4,2 billion platinum mining and refinery operation in Zimbabwe, an investment in Chegutu district said showed the country’s readiness to open up for foreign investment.
The deal, which will be the largest mining investment in the southern African country’s history, will also be the biggest integrated platinum mining and refinery operation capable of producing 1.4 million ounces a year of PGM metals at the end of five years, officials said.
Located in the Mhondoro-Ngezi platinum belt, west of Harare ( chegutu) the project will include a coal mine and a 300 megawatt solar power station which director Sawn McCormick said was enough to meet Karo’s needs.
The original agreement had specified a 600MW coal-fired power plant.
Karo will own 50 percent of the platinum unit, Karo Platinum while the remainder will be owned by Zimbabwe Investment Company, a government-owned vehicle.