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Sunday, July 14, 2024

Latest platinum project expected to be operational by 2025

Story by Stanley James, Business Editor

THE new entrant in Zimbabwe’s platinum industry, Karo Mining Holdings, has spent over US$100 million in the first phase of its plant development project set to be operational by 2025.

In an update to ZBC News this Thursday, Karo Mining Holdings Country Manager, Dr Joe Zimba revealed that once operational, the first phase of its plant development project will produce over 190 000 ounces of platinum group metals (PGMs) yearly.

He revealed that most of the capital for the first phase was raised from the company’s shareholders, with over US$36 million being mobilised by floating a debt instrument to investors on the Victoria Falls Stock Exchange (VFEX).

“A total of over US$100 million has been raised for the first phase of the project, and we have been aided by the VFEX where we have raised, absolutely key we have raised over US$36 million from the VFEX which is the biggest capital raised on the Zimbabwean platform and I think this is again a big vote of confidence and ability to fund projects using internal funds and develop the debt capital markets in the country and we are looking for further participation on the VFEX.

“We are ramping ahead with our project in Zimbabwe. It is a mega project and projects of such magnitude take a bit of time to develop, but this is great and we are all committed to ramping up the project and going forward,” said Dr Zimba.

Karo’s project is among several mining investments that have been approved in line with the Second Republic’s pro-business policies.

The mining giant’s special grant is located in the Great Dyke within the Mhondoro-Ngezi area.

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