Cyprus firm, Zim sign $4 billion platinum deal

“Had we embraced their intention to invest in this country in platinum the year they came and I took them to then President (Mr Mugabe), we should have been on the 6th year of the programme but because of bureaucracy and other unnamed vested interests which are corrupt, this could not happen.”

President Mnangagwa said the onus was now on Karo Resources to implement the project according to timelines they have provided.

“Now that this has happened, we have been able to give you the concession. I have seen the timelines, the ball is not anymore in our court, it’s now in your court.

“You have been complaining that you want to put money and in fact, at one time they raised this and took it away because we could not move. The Zimbabwean side was something else I cannot describe but now I am saying Zimbabwe is now open for business and whoever stand in the way of making business in this country will fall.

“So, Minister of Mines, they have given you their timelines, keep them to their timelines and on our part, wherever Zimbabwe has an obligation, we must fulfil our obligation and if you fail come to me and say your ministers are dragging their feet and I will make sure I cut their feet and make them walk, so it is not business as usual anymore,” President Mnangagwa said.

The first phase of production is expected to commence in 2020 with an annual output of 3,6 million tonnes or ore and 350 000 ounces of platinum group of metals.

The fourth phase of production is expected to be implemented by 2023 where output is expected to be at 14,4 million tonnes of ore and 1,4 million ounces of platinum group of metals making the venture the largest in the country.

Karo Resources are also expected to construct a base metal refinery and precious metal refinery by 2024 and is willing to work with other platinum producers in their establishment.

The power plant is expected to be operational by 2022 while chrome mining is expected to start by October this year.

At least 15 000 people are expected to employed