Platinum project to create 90 000 jobs

Platinum project to create 90 000 jobs
Published: 25 July 2018 (2152 Views)
President Mnangagwa yesterday officially launched the $4,2 billion Karo Resources consolidated platinum project in Mhondoro-Mubaira, which is set to create a combined 90 000 jobs as Government steps up efforts to revive the economy under the new dispensation.

The first 15 000 jobs will come direct from employment by Karo Resources, while 75 000 will be created through secondary and tertiary industries when the project reaches its peak by 2023.

On top of that, the Karo Resources platinum mining project, one of the biggest investments secured under President Mnangagwa's administration, will generate 300 megawatts of solar energy — part of which will feed into the national grid. As part of the investment, Karo Resources will build a world class mining complex with a refinery for platinum beneficiation.

The refinery will have concentration, smelting and refining capabilities, including a base metal and precious metal refineries.

Speaking at a groundbreaking ceremony for the project along the mineral-rich Great Dyke and occupying 23 900 hectares of land, President Mnangagwa said the projects he was launching were not a political gimmick to get votes in next week's harmonised elections. He said these typified the thrust of his new dispensation, to focus on development in line with his vision to make Zimbabwe a middle income economy by 2030. Karo Resources will be extracting platinum at a depth of just 40 metres, unlike in South Africa where miners have to drill over a thousand metres to reach the platinum ore.

President Mnangagwa said the Karo Resources project will change the face of mining in Zimbabwe and was in line with his mantra that "Zimbabwe is Open for Business".

"This integrated platinum project is one of the numerous investment commitments we have received from potential international investors who have taken bold decisions to invest in Zimbabwe following my declaration that Zimbabwe is open for business," said President Mnangagwa. "I commend all stakeholders for the consummation of the investment agreement leading to today's ground breaking ceremony.

"Today's ceremony, thus, bears testimony to the new sense of urgency on the part of our Government departments to speedily facilitate investment and related ventures in our  country.

"I hope that this unfolding ease of doing business is inspirational and a source of encouragement to would-be investors that Zimbabwe is a safe and fast-growing trade and investment destination," he said.

"The mining sector is a key contributor to the development of our nation and the biggest foreign currency earner in the economy. The impact of mining goes beyond mineral exploration, exploitation, processing and value addition. Mining is linked to many other value-chain industries. It is vital to the development of other sectors of the economy, including transport, construction, geological, equipment manufacturing, education, research and tourism, among others."

In line with vision 2030, President Mnangagwa said Government was open to all business collaborations that catalyze development in the country.

"Government welcomes collaboration and partnerships in all socio-economic aspects of national development as we seek to achieve our vision to be a middle income economy by 2030. We will continue to concertedly attend to all impediments which derail and delay the rebuilding and growth of our economy. President Mnangagwa said he would strengthen "institutions that fight corruption and encourage good governance, accountability, transparency and honest hard work in all spheres of our society." Recently he commissioned several projects that signaled a new economic thrust by his administration.

"This ground breaking ceremony comes barely one month after I commissioned the re-opening of Eureka Gold Mine in Guruve as well as Shabanie-Mashaba in Mashava, and is indicative of the rebound in the mining sector as a whole," he said. "I have also recently witnessed the ground breaking ceremony of Hwange 7 and 8 Power Project, the modernisation of Beitbridge Border Post, the Robert Gabriel Mugabe International Airport development project as well as the commissioning of the newly refurbished Kadoma General Hospital here in Mashonaland West province.

"These events are a clear demonstration of my Government's determination to continuously implement national projects that facilitate economic growth and enhance the quality and standard of life of our people. To this end, we remain seized with the need to modernise and grow our economy as we march on towards building the Zimbabwe we all want."

Karo Resources chairman Mr Loucas Pouralis said they were here for sustainable investment that would leave a permanent footprint in Zimbabwe. He said their investment was also going to benefit the local community. "We will play a role in the upliftment of communities through direct ownership," he said.

"We will deliver on the Government of Zimbabwe's pledge to beneficiate raw materials." Mines and Mining Development Minister Winston Chitando and Justice, Legal and Parliamentary Affairs Minister Ziyambi Ziyambi, who is also the Zanu-PF provincial chairman for Mashonaland West, attended the ceremony.

- the herald

Tags: Platnum, Karo, Project,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

MDC Alliance 'rebel' seeks reelection

by Staff reporter | 22 February 2019 | 11 Views

'Mnangagwa's Zanu-PF not keen on devolution'

by cite.org.zw | 22 February 2019 | 12 Views

WATCH: Chaos at MDC ward 28 primary elections

by Staff reporter | 22 February 2019 | 29 Views

Shutdown 'cop killers' granted bail

by cite.org.zw | 22 February 2019 | 24 Views

Chamisa calls a crucial MDC National council meeting

by Ndou Paul | 22 February 2019 | 34 Views

'Dead miners worked for a top polical cartel' Mliswa alleges

by Mandla Ndlovu | 22 February 2019 | 32 Views

Mugabe kicked off Mazowe farm

by Staff reporter | 22 February 2019 | 41 Views

Mnangagwa meets opposition leaders

by Mandla Ndlovu | 22 February 2019 | 40 Views

Govt shoots down ZESA's proposal to increase tariff

by Staff reporter | 22 February 2019 | 89 Views

Chiwenga still in India, says Charamba

by Staff reporter | 22 February 2019 | 137 Views

Zimbabwe forex dealers struck by fear

by Staff reporter | 22 February 2019 | 144 Views

Developers for Batoka Dam scheme short-listed

by Staff reporter | 22 February 2019 | 82 Views

Makorokozas to be regulated

by Staff reporter | 22 February 2019 | 86 Views

RBZ to stabilise exchange rate

by Staff reporter | 22 February 2019 | 87 Views

Zimbabwe money transfer agencies to import own notes

by Staff reporter | 22 February 2019 | 87 Views

Unpacking floating of exchange rate by Zimbabwe

by Dr Mugano | 22 February 2019 | 84 Views

Jonathan Moyo gives scholarship to a Guruve pupil

by Mandla Ndlovu | 22 February 2019 | 103 Views

Evan Mawarire a ZANU PF agent?

by Mandla Ndlovu | 22 February 2019 | 82 Views

Joshua Malinga fundraises for Disability Expo

by Mandla Ndlovu | 22 February 2019 | 73 Views

Zimbabweans abroad face difficulties with accent

by Dr Masimba Mavaza | 22 February 2019 | 83 Views

MDC Youth President speaks on arrest and persecution

by Mandla Ndlovu | 22 February 2019 | 88 Views

MDC-T welcomes POSA repeal

by newzimbabwe | 22 February 2019 | 69 Views

Zimbabwe banking sector stable, but assets quality deteriorates

by Staff reporter | 22 February 2019 | 70 Views

NetOne demands top-four finish

by Staff reporter | 22 February 2019 | 68 Views

Processed transactions value surge 62% to $151,75bn

by Staff reporter | 22 February 2019 | 67 Views

Mnangagwa's govt refuses to meet teachers

by Staf reporter | 22 February 2019 | 68 Views

'US$ remains Zimbabwe's base currency for trading'

by Staff reporter | 22 February 2019 | 72 Views

Anti-corruption officials accused of theft

by Staff reporter | 22 February 2019 | 49 Views

Zesa sues Metallon over $9,3m power debt

by Staff reporter | 22 February 2019 | 38 Views

Journalism needs overhaul

by Conway Tutani | 22 February 2019 | 79 Views

Zimbabweans disillusioned with the 'new dispensation'

by Ray Matikinye | 22 February 2019 | 75 Views

'Zimbabwe banks join in money laundering fight'

by Staff reporter | 22 February 2019 | 54 Views

'GDP rebasing to lower insurance penetration'

by Staff reporter | 22 February 2019 | 48 Views

Mnanagwa's mega projects stall

by Staff reporter | 22 February 2019 | 48 Views

Zimbabwe financial markets serene after RBZ's monetary policy measures

by Staff reporter | 22 February 2019 | 47 Views

Zimbabwe black market forex rate should drop to 60%

by Brett Chulu | 22 February 2019 | 73 Views