US$391 million Karo Platinum phase 1 construction ...

US$391 million Karo Platinum phase 1 construction starts

Mines Minister Chitando officiating at the ground breaking ceremony with Tharisa and Karo officials looking on

Tharisa has marked the start of construction at the Karo Platinum Project which will see the creation of 1000 permanent jobs and 7000 jobs during the construction phase.

This was revealed by the Minister of Mines & Development Hon Winston Chitando when he attended the official construction launch event today.

"Days of celebration like today are immensely important in the development of large-scale, impact projects like Karo Platinum. It shows the commitment from both the Government of Zimbabwe, our local stakeholders and the entire Karo team in ensuring we deliver this project on time and on budget,”Sai Karo MD Bernard Pryor at the event.

Pryor said in spite of Covid-19 disruptions, progress at the project has been good.

“It has been a mere four years, interrupted by over a year due to COVID-19, since we first set foot on the ground, and I want to thank the entire Karo team and the Honourable Minister Chitando in particular for their commitment to this project,” Pryor said.

He added that construction will take just over 18 months with the project is expected to be productive in the second half of 2024.

“It is now up to the Karo team to deliver on the timeline provided, and I look forward to welcoming all again here when we deliver our first ore into the mill in Q3 2024."

Tharisa CEO Phoevos Pouroulis said that the company has found Zimbabwe a hospitable environment.

"I can only add my gratitude to the Government of Zimbabwe, represented by Honourable Minister Chitando, I also wish to extend our gratitude to the local Chiefs and communities that have really welcomed us with open arms as we embark on the next phase of the Tharisa growth story.

“We have a track record of not only building mines but have over a decade run the Tharisa Mine in a sustainable and profitable manner that has benefitted all stakeholders through job creation, upliftment and upskilling and returns to governments in the forms of royalty, taxes and the benefits of sustainable development and infrastructure.

“Stable fiscal environments ensure private capital is willing to invest and ensure impactful investment for all concerned and I look forward to being part of this next step on the Tharisa journey," Pouroulis.

Total Eren and Chariot were represented at the event and announced that they have signed a deal to develop a 30MWp solar farm at Karo Platinum.

https://zimbabwenow.co.zw/articles/1540/total-eren-chariot-to-build-30-mw-solar-farm-karo-platinum

Minister Chitando reiterated that Zimbabwe is open for business and welcomed Karo as a partner of the government in this new mine development.

Karo is set to be a significant contributor to both GDP and delivering a sustainable, long-life integrated mining operation through Tharisa's proven world-class development approach for projects such as Karo.

The platinum group metals and chrome co-producer, which is dual-listed on the Johannesburg and London stock exchanges, is a 70% shareholder in Karo Mining Holdings which in turn indirectly owns 85% of the Karo Platinum Project, with the Government of Zimbabwe holding the remaining 15%, on a free carry basis.

Aside from the minister, the ceremony was attended local chiefs, dignitaries and Karo construction and development partners.

The Mining Lease area for the Karo Project covers an area of 23 903 hectares (239 square kilometres) and is located within the Great Dyke in the Mashonaland West District of Zimbabwe, approximately 80 kilometres southwest of Harare and 35 km southeast of Chegutu. The Great Dyke is a PGM-bearing geological feature that runs from a north-to-south direction. At approximately 550 km in length and up to 11 km wide, it is second globally to the Bushveld Complex of South Africa in terms of its PGM resource base.

The project, which is situated within a designated Special Economic Zone , is located in the southern portion of the middle chamber of the Great Dyke and is supported by good infrastructure, including road and power access in the project area.

Karo is also in the process of raising funds via a proposed bond listing on the Victoria Falls Stock Exchange which will be used in part fund the development of the Karo Platinum Project, which has a total capital cost of US$391 million for phase one.

Some 100 jobs have already been created prior to the construction commencement with a similar number of contractors on site.