Integrated resource group Tharisa has announced that the Zimbabwe Special Economic Zones Authority (Zimseza) has declared a portion of the Selous mining licence, measuring 50 667 ha, as a special economic zone (SEZ).
This zone is located on certain pieces of land covered by special mining grants issued to a subsidiary of Karo Zimbabwe. Tharisa is a 26.7% indirect holder in Karo Zimbabwe and has an option to increase its interest in the company.
With the declaration of SEZ status, Karo Zimbabwe and its licensed subsidiaries will be entitled to several fiscal incentives that further enhance the economics of the project including reduced tax rates, duty-free importation of raw materials and equipment and enhanced control rulings.
Karo Zimbabwe is on track to deliver a resource statement before the end of the calendar year.
"Zimseza is aware that the SEZ status to Karo’s licence in Zimbabwe is a critical step in the development of what could become a world-class virtually integrated platinum group metals (PGMs) operation,” commented Tharisa CEO Phoevos Pouroulis.
He added that the mine could transform the country's PGMs sector, bring considerable economic benefits to all stakeholders and build a long-term sustainable mining industry.