Zim will never be the same again

◆ establish a power plant with a capacity of 600 megawatts. This will effectively add an additional 350 megawatts of power into the grid.

c) It is planned to commission the power station in 2022. 4. Coal Mining To ensure that there is adequate feed for the power station, Karo Resources will invest in a coal mining operation to have the required throughout by 2022 when the power station is due for commissioning. 5. Chrome Mining a) The peripheral of the Mining lease area being granted to Karo Resources as well as the adjoining area has alluvial chrome deposits.

b) Karo Resources in its master plan, has earmarked to establish infrastructure on a significant portion of this area.

c) As a result, Karo Resources will undertake the mining of these alluvial deposits which will be value added. The mining of these alluvial deposit will commence by October 2018 to ensure that the company retains flexibility and capacity to construct the necessary infrastructure as it embarks on timelines indicated earlier. On full implementation of the above 5 investment structures, Karo Resources will employ 15 000 people directly and an estimated 75 000 people indirectly.

Whilst it is not part of this agreement, Karo Resources has indicated its willingness to work with Government to explore further the value addition of some of the PGMs produced from the Precious Metal Refinery. A committee to pursue this is being set up and initial discussions with potential value addition partners is scheduled for April 2018.

This agreement is unique and exciting as it covers five facets as indicated earlier. Government through the Ministry of Mines has to play an effective facilitation role to ensure that all the timelines set are achieved smoothly. To this extend, Government is setting up by 1st May, a full time Secretariat for Investment facilitation.

This will be a Section in the Ministry of Mines and Mining Development, dedicated to facilitate the execution of this agreement and other agreements to be unveiled in the next few weeks which however will not necessarily be on the same scale as the Karo Resources Investment. An implementation committee will be set up which will also include other Government Departments.

As I conclude, I would like to thank His Excellency, the President of Zimbabwe, not only for his guidance and support in the negotiations leading to this agreement, but also in the provision of the necessary support mechanism to ensure its smooth implementation. I also would like to thank all those who have given their input in one way or the other in the process leading up to this event, including Karo Resources. Once again, this is not an end, but a beginning, not only in the execution of this agreement, but in a process to ensure that the Mining Industry plays a key role in the turnaround of our economy... ◆ Speech delivered by Minister of Mines and Mining Development, Mr Winston Chitando at the signing ceremony of the 4,2 billion dollar Karo Resources Investment Project