Zimbabwean firm Karo Mining Holdings has abandoned its plans to construct a 600MW coal-fired power plant at its new platinum mining operations west of Harare and is instead moving forward with plans to build a 300MW solar project to power the mine. The decision was announced by Karo’s country manager, Josephat Zimba, after discussions with the Zimbabwean government. Karo is exploring a range of financing options for the $4.2 billion platinum mining venture, located in Zimbabwe’s Mhondoro-Ngezi platinum belt, including bank finance, equity or funds from its shareholder, Tharisa Plc.
Karo expects to open the first of four open-pit mines at the site in 2020. At peak production, the mines are expected to produce 1.4 million ounces of platinum, more than twice Zimbabwe’s current total output. The base and precious metal refineries will have the capacity to toll refine an additional 600,000 ounces. Read the full story HERE and HERE.