- Total Eren and Chariot have agreed to work together on the development, financing, construction, and operation of a solar PV project for the Karo Platinum Mine Project, in Zimbabwe.
The solar PV project is expected to have an initial installed capacity of 30 MW with a potential extension of up to 300 MW. Construction of the Karo Platinum Mine has commenced, as marked today during an official ceremony in the presence of the Minister of Mines and Mining Development, Hon. W. Chitando.
Total Eren and Karo Mining Holdings (“Karo”) have previously signed a Memorandum of Understanding (MoU) as the first step towards implementation and signing of a long-term Power Purchase Agreement (PPA) for the supply of electricity. Karo and the Partners will now pursue the next steps of development of the PV project.
Tharisa, the platinum group metals (“PGMs”) and chrome co-producer dual-listed on the Johannesburg and London stock exchanges, is a 70% shareholder in Karo Mining Holdings (“Karo”) which in turn indirectly owns 85% of the Karo Platinum Project (‘Karo Project’), with the Government of Zimbabwe holding the remaining 15%, on a free carry basis.
The Mining Lease area for the Karo Project covers an area of 23 903 ha and is located within the Great Dyke in the Mashonaland West District of Zimbabwe, approximately 80 km southwest of Harare and 35 km southeast of Chegutu.
The Karo Project has a 24-month design and construction schedule – starting 1 July 2022, with the first ore in the mill (FOIM) planned for July 2024. The cost to FOIM is set at US$391 million.
Adonis Pouroulis, CEO of Chariot, beneficially owns directly or indirectly 58.88 per cent of the total voting rights in Karo Mining Holdings Limited.
Author: Bryan Groenendaal