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Tharisa mulling investment in Karo's US$4.2B platinum project in Zimbabwe

Tharisa PLC is considering an investment in Karo Resources' planned US$4.2 billion platinum project in Zimbabwe, Bloomberg News reported May 30, citing Tharisa CEO Phoevos Pouroulis.

Karo Resources was founded by the Pouroulis family and is a joint venture with the Zimbabwean government. The platinum project, announced in March, is the largest investment structure in the country's mining sector, according to Mines Minister Winston Chitando.

The CEO further noted the project's "massive" potential; it is slated to produce 1.4 million ounces of platinum per year at full output by 2023. Previous reports said Karo intends to start construction in July.

Tharisa recently acquired a 90% interest in Zimbabwe-focused chrome concentrates producer Salene Chrome Zimbabwe Pvt. Ltd.