(Ecofin Agency) - Tharisa Minerals plans to join Karo Resources in a $4.2 billion platinum project in Zimbabwe, Bloomberg reports.

Both companies owned by the Pouroulis family will thus operate the platinum mine located in Mhondoro-Ngezi, west of the capital Harare.

According to Phoevos Pouroulis (photo), CEO of Tharisa and son of Karo Resources founder Loucas Pouroulis, “The investment, initially estimated at $4.2bn, could be lower and the spending spread over eight years”. The project is expected to produce 1.4 million ounces of platinum group metals annually by 2023.

“The potential is massive, if you look at the Great Dyke (ed: rock formation in which the project is located) and the lack of investment over the past 15 or so years, it’s really been left dormant. There has been no real large-scale investment; certainly we think it’s got lot of potential to regenerate the economy,” he said.

Louis-Nino Kansoun