On Thursday 22 March 2018, the Government of Zimbabwe signed a historic $4,2 billion platinum deal, with Karo Resources of Cyprus. The Government of Zimbabwe which was represented by the Honorable Minister of Mines and Mining Development, Winston Chitando and Karo Resources represented by its Chairman, Loucas Pouroulis signed the country’s largest mining investment deal to date, with His Excellency, President E.D. Mnangagwa witnessing the ceremony. 

The project will be rolled out over the next 6 years. It will see production of 1,4 million oz of platinum per year at full capacity, value addition and beneficiation of PGMs up to the precious metal refining stage, coal mining and setting up of a power plant. The platinum mine, situated in Ngezi, is expected to generate a revenue of about $3 billion per annum in foreign currency when the company is at a steady rate.

The first portal is expected to be commissioned in 2020.