Opinion / Columnist
$4bn platinum deal major confidence booster
24 Mar 2018 at 07:24hrs | Views
Last Thursday was yet another historic day for Zimbabwe when Government signed a $4,2 billion platinum investment agreement with a Cyprus-based company, Karo Resources.
The agreement, the largest to date in the mining sector, was signed at the Munhumutapa Offices in Harare by Mines and Mining Development Minister Mr Winston Chitando and Karo Resources chairman, Mr Loucas Pouroulis.
President Emmerson Mnangagwa and Vice President Kembo Mohadi and other senior Government officials witnessed the signing ceremony. The mine will be located in the Mhondoro-Ngezi area and the deal also includes the establishment of a 600MW thermal power station in Matabeleland North province and chrome mining.
President Mnangagwa welcomed the signing of the deal but blamed bungling and corruption for its delay. "I am happy that this day has come. It has taken more than six years to reach this day. Had we embraced their intention to invest in this country in platinum the year they came and I took them to the then
President (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," said President Mnangagwa.
Mnangagwa said now that Government has given the company the concession, it was up to the company to deliver. He called on Minister Chitando to keep the company to their timelines and said Government on its part will ensure it fulfils its obligation.
The President repeated what he has said on many fora that Zimbabwe is open for business and warned that whoever stands in the way of making business will fall.
Karo Resources' commitment to invest in Zimbabwe is another proof that the investors, both local and foreign, now have confidence in the policies formulated by the new political dispensation.
At least 15 000 people are expected to be employed directly when the project is complete while 75 000 others will be employed by downstream industries.
We totally agree with Minister Chitando that the implementation of this project will totally change the landscape of the Zimbabwean mining industry.
Last Thursday's developments are adding to the many positives recorded since Mnangagwa took over as President last November. Mnangagwa has said the ruling party Zanu-PF's thrust now is on addressing developmental and economic issues as opposed to just politicking.
He said the party would now concern itself with bread and butter issues that affect the people. President Mnangagwa said on his inauguration day that under his leadership it's no longer business as usual and what is happening on the ground is attesting to this.
The challenge to Zimbabweans is to play our part in complementing Government efforts to make Zimbabwe an investment destination of first choice.
The agreement, the largest to date in the mining sector, was signed at the Munhumutapa Offices in Harare by Mines and Mining Development Minister Mr Winston Chitando and Karo Resources chairman, Mr Loucas Pouroulis.
President Emmerson Mnangagwa and Vice President Kembo Mohadi and other senior Government officials witnessed the signing ceremony. The mine will be located in the Mhondoro-Ngezi area and the deal also includes the establishment of a 600MW thermal power station in Matabeleland North province and chrome mining.
President Mnangagwa welcomed the signing of the deal but blamed bungling and corruption for its delay. "I am happy that this day has come. It has taken more than six years to reach this day. Had we embraced their intention to invest in this country in platinum the year they came and I took them to the then
President (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," said President Mnangagwa.
Mnangagwa said now that Government has given the company the concession, it was up to the company to deliver. He called on Minister Chitando to keep the company to their timelines and said Government on its part will ensure it fulfils its obligation.
Karo Resources' commitment to invest in Zimbabwe is another proof that the investors, both local and foreign, now have confidence in the policies formulated by the new political dispensation.
At least 15 000 people are expected to be employed directly when the project is complete while 75 000 others will be employed by downstream industries.
We totally agree with Minister Chitando that the implementation of this project will totally change the landscape of the Zimbabwean mining industry.
Last Thursday's developments are adding to the many positives recorded since Mnangagwa took over as President last November. Mnangagwa has said the ruling party Zanu-PF's thrust now is on addressing developmental and economic issues as opposed to just politicking.
He said the party would now concern itself with bread and butter issues that affect the people. President Mnangagwa said on his inauguration day that under his leadership it's no longer business as usual and what is happening on the ground is attesting to this.
The challenge to Zimbabweans is to play our part in complementing Government efforts to make Zimbabwe an investment destination of first choice.
Source - Chronicle
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