Tuesday , May 30 2023

An investment of $ 4.2 billion for Zimbabwe platinum mining


Cypriot mining company Karo Resources, also known as Karo Mining Holdings, is to start a platinum operation in central Zimbabwe, with an estimated investment of $ 4.2 billion to estimate the country, set up a mine and started working.

The company already operates around the Great Dike area, northwest of the capital city of Harare, and is now expanding its business to the Mhondoro-Ngezi area about two hours southwest of the city.

President Mnangagva met with project financiers in his Munhumutap offices in Harare. The African Financial Corporation (AFC), which provides $ 2 billion for platinum development, was launched by Loucas Pouroulis, president of Karo Resources.

The Karoo Plan is a combination of initial geophysical tests for the assessment of terrain as well as aerial observations from planes, helicopters and drones to get a wider view of the terrain and look for indicators where platinum may have a higher deposit.

Samaila Zubair, president and CEO of AFC, said in a statement: "We are committed to supporting the project. The project is in stages – the first phase is $ 2 billion. The way the projects work is to start from a certain point and then upgrade how you go.

"Typically, sometimes when you start with perhaps $ 400 million, you can get the capital and keep it from work and continue. You start a project, develop some income from the project, reinvest it and get all the partners to join you.

"As the project continues to evolve, we will continue to invest in the project and mobilize additional capital to invest in the project."

It is expected that the work will start in July, with operations starting in 2020. Platinum production is estimated at 350,000 ounces of sculpture firm. It is expected to grow to 1.4 million ounces by 2023. The decision to finance the mines is estimated to create around 90,000 jobs for residents in the region, with 15,000 direct workers working in the mine and on-site refineries, and another 75,000 in connection with the work at Mhondoro-Ngezi.

Source: Bullion Post

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