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Monday, June 5, 2023

US$400 million Karo Platinum Mine construction commences

By Owen Mandovha

ONE of the mega projects to be commissioned in the Second Republic roars into life, as Karo Platinum commences the construction of an open cast mine along the Great Dyke which is expected to create over 7 000 jobs and increase foreign currency earnings.

Since the signing of the agreement in 2018, a total of 43 000 metres of holes were drilled for exploration and several mineralogy tests of the ore body conducted leading to this day, marking the commencement works of open cast mining along the Great Dyke in Mashonaland West Province.

“In ordinary terms worldwide, a mine is developed in 12 years but here in Zimbabwe because of government support we have seen this mine being developed in 4 years despite undergoing COVID-19 restrictions which stopped works,” said Karo Resources Managing Director, Mr Bernie Pryor.

Once completed, Karo Platinum mine, which is owned by Johannesburg Stock Exchange listed Tharisa Group and has an initial life-span of 17 years, will produce about 190 000 ounces of platinum group of minerals, hence creating about 1000 direct jobs as explained by CEO Tharisa Resources, Mr Phoevious Poroulis.

“We are beginning to mobilize equipment and over 7 000 direct and indirect jobs will be created. We will start with the first phase of open cast mining that is going to give the mine a lifespan of 17 years and will further develop the mine to extend its lifespan.”

Mines and Mining Development Minister, Honourable Winston Chitando said the unprecedented activity in the mining sector speaks volumes on the hard work by a government which has set its sights on transforming its economy and the lives of its people.

“Our US$12 billion mining industry is a reality and this is only made possible by these types of investments which are creation of President Emmerson Mnangagwa’s vision. We are inundated by the level of investment taking place in the sector,” he said.

It is indeed investment galore in the mining sector and one may even lose count of new projects which are being commissioned, something unseen in the history of Zimbabwe but only made possible by a cocktail of reforms being instituted by the Second Republic.

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