South African mining concern, Tharisa, says it is extending its timeline to the First Ore In Mill (FOIM) at Karo mine in Zimbabwe to 2025 due to low platinum prices.
The project is to the tune of US$391 million.
The firm has since made it clear that the timeline to FOIM has been extended by one year, adding that work on the project is continuing.
Meanwhile, according to analysts, this extension is a further indication that weak commodity prices may hurt Zimbabwe’s ambitions to boost mine investment.
Tharisa recently announced that it is planning to invest $391m to develop the Karo platinum group metal (PGM) mine in Zimbabwe.
The company currently holds a 70% stake in Karo Mining Holdings, which owns the Karo PGM project on Zimbabwe’s Great Dyke.
Located around 100km south-west of the Harare, the Karo PGM project has an annual production capacity of 194,000oz.
The Karo mine development is expected to create around 1,000 jobs in its initial stages, as well as a further 1,000 when it starts production.
Zwnews
