【Industry News】 Tharisa Says Karo Platinum Project Receives Official Recognition at Groundbreaking C

    The combined platinum group metals and chromium producer, which is listed on both the Johannesburg and London Stock Exchanges, holds a 70 percent stake in Karo Mining Holdings, which in turn indirectly owns 85 percent of the Karo Platinum Project, with the Zimbabwean government holding the remaining 15 percent free of charge.

    In addition to the Minister, the ceremony was attended by local chiefs, dignitaries and Karo's construction and development partners. Importantly, representatives from Total Eren, a leading French independent power producer of renewable energy, and Chariot Ltd (AIM:CHAR, OTC:OIGLF), a transitional energy group focused on Africa, were also present at the ceremony.

Total Eren and its partner Chariot signed a Memorandum of Understanding (MOU) to collaborate on the development, financing, construction and operation of a 30 MWp (megawatt) solar PV project to provide competitive solar power to the Karo Platinum Project. metals and chrome mines to develop a 40 MWp (megawatt) photovoltaic plant, with the aim of ensuring that Tharisa exceeds its projected carbon reduction targets by 2030, achieves net carbon neutrality by 2050 and provides synergies in building the two power projects.

    Tharisa noted that Minister Chitando reaffirmed Zimbabwe's openness to businesses and welcomed Karo as the government's partner in the development of this new mine, which will create about 1,000 permanent jobs and up to 7,000 jobs during the construction phase. Karo will be a significant contributor to the Gross Domestic Product (GDP) and will provide a proven world class development methodology for projects such as Karo through Tharisa to achieve sustainable, long term integrated mining operations, even before construction begins.

    The Karo project's mining lease area covers 23,903 hectares (239 square kilometers) and is located in the Great Dyke area of Mashonaland West, Zimbabwe, approximately 80 kilometers southwest of Harare and 35 kilometers southeast of Chegutu. The Great Dyke is a geological feature that runs from north to south and is rich in platinum group metals. It is approximately 550 km long and up to 11 km wide and has a platinum group metal resource base second only to the Bushveld Complex in South Africa on a global scale.

    The project is located within a designated Special Economic Zone (SEZ), south of the middle section of the Big Rock vein, and has excellent infrastructure support, including roads and power access to the project area.

    Karo has also raised funds through a bond issue on the Victoria Falls Stock Exchange, which will be used in part for the development of the Karo Platinum project, which has a total capital cost of $391 million for the first phase.

    Commenting on the day's activities, Bernard Pryor, President of Karo, said: "Celebration days such as today's are very important for the development of large projects like Karo Platinum. It shows that the Zimbabwean government, our local stakeholders and the entire Karo team are making sure we deliver the project on time and on budget. Just four years have passed since we first set foot on this land, and although there was a hiatus of over a year due to the New Crown epidemic, I would like to thank the entire Karo team, and especially the Honorable Minister Chitando, for their commitment to this project. It is now up to the Karo team to deliver within the stipulated time frame and I look forward to welcoming everyone here again when the first ore is delivered to the plant in the third quarter of 2024."

    Tharisa CEO Phoevos Pouroulis added: "I can only express my gratitude to the Government of Zimbabwe, represented by Minister Chitando, and I wish to express my appreciation to the local chiefs and communities who have welcomed us with open arms as we embark on the next phase of Tharisa's growth story. Not only do we have a track record of building mines, but over the past decade we have operated Tharisa mines in a sustainable and profitable manner that has benefited all stakeholders by creating jobs, upgrading and enhancing skills and rewarding the government in the form of royalties, taxes and sustainability and infrastructure benefits. A stable fiscal environment can bring in private capital and also ensure effective investment in all parties involved and I look forward to being part of the Tharisa journey." (Source: proactiveinvestors)