Karo Resources will invest $ 4.2 billion in Zimbabwe's mining sector

Karo Resources invertirá $ 4,2 mil millones en el sector minero de Zimbabue

By DALE BENTON . Mar 23, 2018, 10:50AM

Zimbabwe's mining sector looks set to receive a significant boost after it was announced that a multimillion-dollar agreement had been reached between the ministry of the mine and a leading mine operator of PGM.

The Cyprus-based company Karo Resources signed an agreement with the Minister of Mines, Winston Chitando, to invest up to $ 4.2 billion to develop a platinum mine and refinery in Zimbabwe.

The agreement, which will be the largest in the history of the mining industry in Zimbabwe, will allow Karo Resources to seek to establish a platinum project capable of producing 1.4 million ounces of PGM metals per year.

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The global demand and demand for platinum will remain in balance in 2018.

With a Home date expected for 2020, the project could become the largest PGM production mine by 2023.

Located in the Mhondoro-Ngezi platinum belt west of Harare, where Impala Platinum Holdings has operations, the project will include a coal mine and a power plant to produce electricity for the smelter, and should employ 15,000 people when implemented by full, Karo head Loucas Pouroulis told Reuters.