Mnangagwa commissions $4.2 billion Karo Resources platinum project

Mnangagwa commissions $4.2 billion Karo Resources platinum project

Cypriot miner Karo Resources today broke ground on its $4.2 billion platinum mining and refinery operation in Zimbabwe, an investment which President Emmerson Mnangagwa 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.

“We are excited about partnering with Zimbabwe and its people in building a long-term and sustainable business. Zimbabwe has an extraordinary metal and mineral endowment and a vibrant, hard-working, skilled and driven population, which despite the challenges of the last 20 or so years, is now facing an exciting future,” Karo chairperson Loucas Pouroulis said.

He said the project will create 15 000 direct and 75 000 indirect jobs. – The Source/Own

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