Big boost for platinum mining as Government, Karo Platinum sign lease agreement

Debra Matabvu

President Mnangagwa this Monday afternoon witnessed the signing of a Special Mining Lease Agreement between Karo Platinum Private Limited and the Government of Zimbabwe, securing a 25-year tenure and the fiscal certainty required for the company to commence production.

The first phase of the project, which is expected during the second half of next year, is expected to employ more than 1 000 people and produce 226 000 ounces of platinum per annum, placing Karo Platinum as a major player in Zimbabwe’s mining sector.

Mines and Mining Development Minister Polite Kambamura and Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube signed the Special Mining Lease Agreement on behalf of Government.

Speaking after the signing ceremony, Karo Platinum country manager Mr Joe Zimba said the agreement signals the start of a great chapter for the project.

“A special mining lease agreement has been signed between the Government of Zimbabwe and Karo Platinum. The agreement provides security of tenure and fiscal support for the project,” he said.

Mr Zimba highlighted that efficient mining is the foundation of value addition.