Land ceded by Zimplats to be used for Karo's $4.2bn project

7th June 2018 By: Bloomberg

HARARE – A platinum-bearing mine concession ceded by a subsidiary of Impala Platinum will be used by Karo Resources to develop a $4.2-billion mining complex, Zimbabwe’s mines minister said.

Impala, based in Johannesburg, on Wednesday said its Zimplats subsidiary had agreed to release 23 903 ha of land to the government without saying what it would be used for. Zimbabwe has been pressuring Impala to release land so that it can accelerate the development of mines on the world’s second-biggest platinum reserves.

“That’s for Karo Resources,” Mines Minister Winston Chitando said by mobile phone without providing further details.

Karo’s project is to be developed as a joint venture with the government, Phoevos Pouroulis, the CEO of Tharisa and a member of the family that controls Cyprus-based Karo, said in an interview last week. Tharisa may join Karo in developing the project.