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Zimbabwe to allocate former Zimplats land for Karo's US$4.2B project

The land forfeited by Impala Platinum Holdings Ltd. unit Zimplats Holdings Ltd. in Zimbabwe will be used by Karo Resources for its planned US$4.2 billion platinum project in the country, Bloomberg News reported June 7, citing Zimbabwean Mines Minister Winston Chitando.

"That's for Karo Resources," Chitando said without disclosing further details on the matter. Zimplats recently agreed to release 23,903 hectares of land to the Zimbabwean government.

Karo's planned platinum project was announced in March, with work expected to start in July. Tharisa PLC is considering investing in the project.