Zim will never be the same again

(Salutations) Ladies and gentlemen, today is a historic day in the history of the Mining Industry in Zimbabwe. Historic in two ways, firstly what has been signed today is the largest investment structure in the history of the Mining Industry in Zimbabwe. Historic as well from the fact that the landscape of the Zimbabwean Mining Industry will never be the same as the provisions of this agreement are implemented and as other investment initiatives unfold, a number of which will become public over the next few weeks The agreement signed today has five facets:1. PGMs production — the agreement provides for the installation of capacity to produce 14.4 million tonnes of ore and 1,4 million PGM ounces per annum as follows:a) Commissioning of first portal by 2020 to produce 3,6 million tonnes and 350 000 PGM ounces per annum.

b) Commissioning of second portal by 2021 to produce 3.6 million tonnes and 350 000 PGM ounces per annum.

c) Commissioning of third portal by 2022 to produce 3.6 million tonnes and 350 000 PGM ounces per annum.

d) Commissioning of fourth portal by 2023 to produce 3.6 million tonnes and 350 000 PGM ounces per annum.

Based on current production capacity, this will make Karo Resources by 2023 to be the largest PGM producer in the country. 2. Base Metal and Precious Metal Refineries. a) Karo Resources will construct a Base Metal Refinery and Precious Metal Refinery by 2024

b) Karo Resources have indicated their intention to incorporate the output or work with other PGM Producers who do not have firm plans to establish a Base Metal Refinery and a Precious Metal Refinery. 3. Power Supply a) The platinum investment — being mining, processing and refining will require 250 megawatts of power.

b) To augment power supply, Karo Resources will