tawandamusarurwa
Business Reporter
KARO’S platinum project remains on schedule and budget for the first ore to be milled by the second half of next year, with trial mining expected to begin within the next two months.
Government signed a US$4,2 billion deal with Karo in 2018.
Karo is majority owned by Tharisa Plc, an integrated PGM (platinum group metals) and chrome producer listed on the main boards of the London Stock Exchange and the Johannesburg Stock Exchange.
Tharisa plans to invest US$391 million to complete phase 1 of the Karo project in the next 24 months after taking full control of the platinum mine.
Tharisa chief executive officer Mr Phoevos Pouroulis told The Sunday Mail Business that the capital programme for the year ending September 2023 is worth US$260 million.
“Trial mining is expected to commence within the next two months once contract miners are appointed and mobilised.
“We have done ground clearing and the rest of the specialised equipment is being manufactured outside of the country, but we are on track with that,” he said.
Zimbabwe has the world’s second-largest platinum deposits after South Africa.
In a recent production update for the second quarter ended March 31, 2023, Mr Pouroulis said extensive earthworks are proceeding according to plan and civil contracts for the pouring of the foundations for all plants and infrastructure at Karo have been awarded.
Contracts for a 31km high-voltage power line, the environmental impact assessment report and all main transformers have also been awarded.
Ordering of long-lead items for the project is continuing as per schedule, while 30 000 tonnes of ore under the exploration programme will provide further information on drilling, blasting, grade control and processing.
“150 employees and contractors are on site in Zimbabwe, with the majority of the Zimbabwe management positions filled,” the group said.
Land for a solar plant for the project has already been identified.
It is understood that Africa-focused transitional energy company Chariot Energy, in partnership with Total Eren, a leading renewable energy independent power producer (IPP) based in France, is set to construct a US$40 million 30MW solar plant.
Total Eren and Karo Mining Holdings have since signed a memorandum of understanding as the first step towards implementing and signing of a long-term power purchase agreement.
Total Eren and Chariot agreed to work together on the development, financing, construction and operation of the solar photovoltaic project.
The country has three platinum-producing companies — Mimosa, Unki and Zimplats.
After a recent study commissioned by the three platinum producers, Government believes there is now sufficient throughput to establish a base metal refinery.
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