The Government of Zimbabwe has signed the nations largest mining investment structure deal with Cyprian firm, Karo Resources.
The US$4.2bn deal will develop a mine that aims to extract 1.4mn ounces of platinum between 2020 and 2023.
The mine, which will also feature a coal mine and a power station, will be located on the Mhondoro Ngezi platinum belt.
Winston Chitando, Zimbabwe’s Mines and Mining Development Minister, signed the deal on behalf of the government, with Loucus Pouroulis, a representative for Karo Resources.
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The ceremony was also attended by the President of Zimbabwe, Emmerson Mnangagwa.
“Zimbabwe has an obligation. We must meet our obligation. It is not business as usual anymore,” remarked Mnangagwa.
“The deal has been on the cards since 2012. Had we embraced our intention to invest in this country in platinum the year they came, and I took them to the President, we should have been in the sixth year now but this did not happen due to bureaucracy.”
It is anticipated that the project will create 15,000 direct jobs and 75,000 indirect jobs, and will be developed in stage between 2020 and 2023.
- ABC
