Published: 10 June 2013

A Cyprus-based firm has expressed interest in setting up a $4 billion platinum mine following government's repossession of huge mining ground previously held by the country's top mining company.

Karo Resources Limited, through its chairman Loucas Pouroulis last month wrote to Mines and Mining Development minister Obert Mpofu seeking permission to mine the white metal on land which was required from Zimplats.  

Karo indicated that it has plans to build a 300MW coal-fired power station, which will supply Karo platinum group metals and coal mining and processing operations, with excess power directed to the national grid.

The proposed operation, according to Karo Redsources, will create 15 000 full-time direct employment jobs, with several thousands more created in support industries.
- newsday

You might also want to read this

• Zimbabwe to unveil platinum policy
• Global platinum market headed for surplus
• $4.2bn platinum deal on schedule
• Govt steps up platinum value addition efforts
• GPR, Chinese partner revive $1,7bn platinum plan
• Zimbabwe's $4,2bn game changer, 90 000 jobs
• Zimbabwe signs $4.2bn platinum deal
• $400m for Darwendale platinum project
• Great Dyke to build $400m processing plant in Zim
• Platinum output to remain stable