The government of Zimbabwe has signed a deal with Cyprus-based Karo Resources which is to invest $4.2 billion to develop a platinum mine.
The mine is to produce 1.4 million ounces of platinum group metals annually by 2023, according to Zimbabwe Mines Minister Winston Chitando.
Chitando said on Thursday that “This is the largest investment structure in the country’s mining industry. The landscape of Zimbabwe’s mining industry will never be the same.”
The signing ceremony with Karo Resources executives took place in the capital Harare.
Zimbabwe which is still under foreign sanctions is struggling to mobilize funds to fix its ailing economy.
The President of Zimbabwe Emmerson Mnangagwa has said that about $591 million in stolen public funds have been returned by Zimbabweans.
He said that these funds were stashed abroad illegally as he expects a further $827 million to be returned.
The Zimbabwean leader who promised to fight corruption and fix the country’s economy said these over thousand cases “require attention and we have so far processed a number of these cases.”
Source: Africafeeds.com
