Tinashe Makichi in Mhondoro-Ngezi
MHONDORO- Zimbabwe will emerge as a global leader in platinum production within the next 10 years following the completion of new processing plants in Mhondoro-Ngezi, President Emmerson Mnangagwa said on Tuesday.
Zimbabwe has the second largest platinum deposits after South Africa.
Mnangagwa told delegates attending the ground-breaking ceremony of the $4,2 billion Karo Resources integrated platinum project in Mashonaland West Province that the project is set to create 15 000 direct jobs and 75 000 indirect jobs across the extensive value chain.
Tharisa who are the shareholders of Karo Resources is going to inject $8 million for the initial activities of the project.
The project will entail construction of concentrators, smelter and a refinery. The platinum project is set to turn Zimbabwe into one of the global market leaders within the next five to 10 years.
“This project whose commencement we are gathered here for is a landmark and its implementation is set to change the mining landscape in our country.
“These events are clear demonstration of Government’s determination to continuously implement national projects that facilitate economic growth. This integrated platinum project is one of the numerous investment commitments we have received from potential international investors,” said Mnangagwa.
He said the project is set to produce significant quantities of platinum group metals per year at optimum production and will see the establishment of other sub-projects such as chrome mining, power plant and base metal refinery.
Karo Resources group chairman Loucas Pourolis said securing the mining operation in Zimbabwe had been quite difficult, but through resilience everything came into place.
He said the mining group has the right strategy and plan that will create several jobs and development in the area of Ngezi.
“Zimbabwe is not only blessed with minerals but it is also blessed with a vibrant, hardworking and skilled people and despite the challenges faced by the country in the past, the future remains bright for the country.
“Since 2014 we invested a significant amount of time for us to be where we are today as a mining group,” said Pourolis.
“Karo’s aim is to build a sustainable, successful and long term industrial complex for all stakeholders.”
Pourolis said the Karo project will be one of the largest investments ever made in the history of Zimbabwe and this strategic investment will open a gateway for further diversified investment and development of the local economy.
While the mining group still requires more regulatory approval before pushing ahead, Karo has plans to commission its first open pit mine in 2020 progressing to full production in 2023.
The new complex at Karo operations will consist of multiple mines, concentrators, smelters and PGM and base metal refineries.
Under the scope of the project, Karo will also produce 300 MW of renewable energy in the form of solar power to be fed into the national grid supporting Zimbabwe’s objectives of having a balanced mix of power supply.
“Today is a major step in breaking ground to turn this substantial project into one of the global market leaders within the next five to 10 years,” said Pourolis.
The setting up of the refinery will mean the mining group will not be sending its material to South Africa for processing like what existing platinum miners are currently doing.
