(Ecofin Agency) - Karo Platinum and the Zimbabwean government officially launched July 24 a platinum project in Chegutu. Through this project, the company plans to produce 1.4 million ounces of platinum group metals (PGMs) per annum and establish a refinery with a handling capacity of 2 million ounces of PMGs a year.

“We are excited about partnering with Zimbabwe and its people in building a long-term and sustainable business,” said CEO Loucas Pouroulis after the inauguration ceremony attended by Zimbabwe's President Emmerson Mnangagwa and other government officials.

Karo will spend $8 million on a geological exploration program to confirm and delineate the orebody before progressing to the bankable feasibility study. The area is estimated to contain approximately 96 million ounces of platinum group metals (PGMs) at a grade of 3.2 g/t. 

In addition, the company will be responsible for the open pit and underground mining of the platinum concession. The project is expected to generate up to 15,000 direct jobs and 75,000 indirect jobs across the value chain.

Let’s note that Karo holds mineral rights covering 23, 903 ha in the Grand Dyke in Mashonaland West District.