Karo Resources officials who attended the signing ceremony

A Cyprus-based company, Karo Resources, has signed a US $4.2 billion platinum mining agreement with the government of Zimbabwe.

The government has escalated its commitment to open business with President Emmerson Mnangagwa stating that relevant ministries should have a culture change in handling investors’ affairs.

President Mnangagwa noted that Zimbabwe had to wait for at least half a decade to conclude this agreement having started negotiations in 2012.

“Had this agreement been concluded then the current foreign currency shortages could have been averted,” said President Mnangagwa.

The deal is expected to see 1.4 million ounces of platinum group metals being produced annually by 2023.