Karo Platinum project, Zimbabwe – update
Name of the Project
Karo Platinum project.
Location
The Great Dyke, in the Mashonaland West district of Zimbabwe.
Project Owner/s
Karo Platinum, which is jointly owned by the government of Zimbabwe and Karo Mining Holdings.
Tharisa is a 70% shareholder in Karo Mining, which, in turn, indirectly owns 85% of the Karo Platinum project, with the government of Zimbabwe holding the remaining 15% of the project on a free-carry basis.
Project Description
Karo Platinum is a proposed Tier 1 openpit, scalable, low-cost and -risk project, which will be developed in phases.
The project has initial probable reserves of 35.5-million tonnes at 2.31 g/t and 2.5-million ounces of platinum, palladium, rhodium and gold.
The operation will have a throughput of 205 000 t a month, producing 194 000 oz/y over a 17-year life-of-mine.
The integrated mining and refining complex includes the establishment of a 300 MW solar power plant, which will feed power into the Zimbabwe electricity grid.
Potential Job Creation
The project will create about 1 000 direct jobs during construction and another 7 000 indirect jobs.
Net Present Value/Internal Rate of Return
The project has a net present value, at a 10% discount rate (excluding in situ inferred resources) of $413-million and an internal rate of return of 26.1%.
Capital Expenditure
Total capital expenditure for Phase 1 is estimated at $391-million.
Planned Start /End Date
The project has a 24-month design and construction schedule, which started on July 1, 2022. Mine groundbreaking is planned for December 2022, with first ore in the mill planned for July 2024.
Latest Developments
Tharisa has announced the opening of a fixed income note offer by its subsidiary Karo Mining to raise $50-million to be listed on the Victoria Falls Stock Exchange (VFEX).
The proceeds from the bond will be applied to partly fund the Karo platinum project in Zimbabwe.
The capital raise forms part of a broader capital strategy by Tharisa to develop the Karo project on time and on budget.
A local earthworks contractor has been appointed and is expected to start on-site activities in December 2022, marking the beginning of the Karo construction phase.
Key Contracts, Suppliers and Consultants
None stated.
Contact Details for Project Information
Karo Mining Holdings, email info@karomining.com.
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