Mines and Mining Development Minister Cde Winston Chitando

Establishment work on the US$4.2 billion deal with Cyprus-based Karo Resources towards a platinum project in Zimbabwe is on schedule with the ground breaking ceremony for the venture expected end of next month.

The deal concluded on the 22nd of March this year, brought hope to the mining sector which was smarting from years of reticence by foreign investors. 

An indication by the owner of Karo Resources Mr Loucas Pouroulis during the signing ceremony, that they would start the project latest July, was viewed as too ambitious.

However, indications on the ground are showing a commitment by the investor as already establishment work and the necessary evaluations for the project have been done. 

In fact, the ground breaking ceremony for the project is earmarked for the 23rd of next month as confirmed by the Minister of Mines and Mining Development Cde Winston Chitando while appearing before the Parliamentary Portfolio Committee on Mines and Energy.

Located in the Mhondoro-Ngezi platinum belt, the site of establishment has traces of chrome deposits which the Cypriot investor can fully utilise and exploit before they set up permanent infrastructures. 

The plan is for work to start in July, with the first output of platinum group metals expected in 2020, aiming to reach 1.4 million ounces annually within three years.

The platinum deal has boosted prospects for the sector and recent confirmations by Tharisa Minerals of South Africa founded and chaired by Mr Loucas Pouroulis adds  to his growing confidence in this sector following a number of reforms that are being implemented to guarantee foreign investments.