ZIMBABWE on Thursday signed a mega platinum deal worth $4.2 Billion with Karo Resources, a Cyprian company.

The deal is so far the largest investment structure in the history of the Mining Industry in Zimbabwe.

Mines and Mining Development Minister Winston Chitando signed the deal on behalf of the government with Karo Resources’ representative Loucus Pouroulis at Munhumutapa Offices where President Emmerson Mnangagwa witnessed the ceremony.

The deal is expected to realise a total of 1.4 million ounces of platinum per year between 2020 and 2023. The platinum mine will be located in the Mhondoro Ngezi platinum belt and will include a coal mine and a power station.

Mnangagwa, speaking after the signing ceremony, said: “Zimbabwe has an obligation. We must meet our obligation. It is not business as usual anymore. The deal has been on the cards since 2012. Had we embraced our intention to invest in this country in platinum the year they came, and I took them to the President, we should have been in the sixth year now but this did not happen due to bureaucracy.”

The commissioning of the portal would be in phases from 2020 to 2023 as the agreement provides for the installation of capacity to produce 14.4 million tonnes of ore and 1.4 million PGM (rare ores with unique properties used in a vast variety of industries) ounces per annum.

The investment is expected to create 15 000 jobs directly and an estimated 75 000 more indirectly.