Economy FDI MEGA DEALS

Karo Mining Holdings - Platinum

www.reuters.com July 24, 2018
In progress
Apr 2019

Pres. Mnangagwa visits Karo mine

www.chronicle.co.zw April 18, 2019

President Mnangagwa has expressed satisfaction with progress so far in setting up operations at Karo Resources’ $4,2 billion platinum mine project in Mhondoro-Ngezi.

Milestones: - Timelines set by Karo Resources have been fulfilled and in many areas they have been ahead of the timelines. - They have completed aeromagnetic survey, digital terrain mapping, aeromagnetic and geophysics study of the area. - Drilling that will allow them to quantify the platinum resources on their special grant is expected to be completed by year-end. - About 200 people have been employed within a period of less than five months.

Mar 2019

Karo Project making progress

www.engineeringnews.co.za March 08, 2019

Milestones: - 72 diamond core boreholes totaling 12 000 m have been completed on the western edge of the Great Dyke. - A second drilling contractor has now been mobilised on the eastern edge of the Great Dyke. - EMA granted a development permit during the last quarter of 2018, which enabled Karo Platinum, to initiate the field work and the exploration drilling programme. - An environmental consultant has been appointed, following the EMA’s approval. The final EIA and management programme is currently being prepared for submission to the EMA for approval. - The project’s digital terrain mapping and high-resolution airborne geophysical survey have been completed, while the geophysical data has also been interpreted. - The results of the assay and metallurgical testwork will form the basis of the next phase of the project. - The next stage of development will include the continuation of the drilling programme, the resource estimation and feasibility studies for the mine design, infrastructure and beneficiation plants. - The cores from the boreholes are being prepared and logged prior to being sent to an independent laboratory for assaying. - Conceptual designs are based on four open pit mining operations, the first of which is expected to begin operations in 2020. The second is expected to follow suit in 2021, with the third and fourth coming on stream in 2022 and 2023. - Karo Mining has said it will apply for National Project Status and for the planned projects to be located in a special economic zone. - The project envisages the establishment of a 300 MW solar power plant in and around the Karo platinum project area by the power generation unit, Karo Power Generation.

Jul 2018

Karo launches $4.2 billion platinum project

www.reuters.com July 24, 2018

The mining project officially launched on Tuesday will create Zimbabwe’s largest integrated platinum mining and refinery operation.

Mar 2018

Govt Signs $4.2b Platinum Agreement

www.mines.gov.zw March 22, 2018

The Government signed a historic $4,2 billion platinum deal, with Karo Resources of Cyprus. This is the country’s largest mining investment deal to date

Expectations: - The project will be rolled out over the next 6 years. - It will see production of 1,4 million oz of platinum per year at full capacity. - Employ 15 000 people when fully completed. - Expected to generate a revenue of about $3 billion per annum in foreign currency. - The first portal is expected to be commissioned in 2020.