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Friday, July 19, 2024

Zimbabwe’s business environment impresses new platinum miner

Story by Stanley James, Business Editor

ZIMBABWE’S ease of doing business reforms are bearing fruit, with platinum mining company, Karo Mining Holdings, describing the local investment environment as favourable for long-term projects.

This comes as the Second Republic is focusing on attracting local and external projects with the mining industry being the centre of attraction due to vast mineral deposits in the country.

Karo Resources, which is setting up an over US$300 million platinum mine in Zimbabwe, is convinced that the investment climate in the country has more to offer in terms of profitability compared to neighbouring economies.

Through its JSE-listed parent company, Tharisa Holdings, Karo Resources went online to describe Zimbabwe’s investment environment as conducive for the capital-intensive but viable platinum mining industry.

“On the ground in Zimbabwe, it’s really a pleasure to work we find an enabling environment from the ‘regional leadership, to the ministries of finance and mining. Certainly, there is a huge support for the Karo project and it is one of the key investments that will create employment, sustainable employment and some one thousand jobs, you may include the mining contractors in those numbers. And as reported this is a massive resource and has the potential to scale. So, from a work ethic point of view, we have been extremely impressed and encouraged and that’s really has been a great experience,” noted Tharisa Holdings CEO, Mr Phoevous Pouroulis.

The company also revealed its commitment to working with the government.

“We are finalising the national project status and mining agreements with the government, bearing in mind that the government is our partners to embed and enshrine the policy around mining regulations and fiscal terms and all parties are aligned to that front,” Pouroulis said. 

The new platinum mining project is further expected to add value towards Zimbabwe’s platinum value chains and increase overall output.

Zimbabwe, which has the world’s second-largest known platinum deposits after South Africa, currently boasts three active entities in the industry namely Zimplats, Mimosa and Unki Mine.

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