Saturday, May 25, 2024
HomeBusinessKaro Platinum Project Gets Major Energy Boost

Karo Platinum Project Gets Major Energy Boost

Karo Mining Holdings’ platinum project located in the Great Dyke has got a major boost after following an agreement with France based renewable energy Independent Power Producer (IPP) Total Eren and Chariot the Africa focused transitional energy company for the development, financing, construction, and operation of a solar photovoltaic (PV) project that will provide competitive electricity for the project.

The solar PV project is expected to have an initial installed capacity of 30 MWp with a potential extension of up to 300 MWp.

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.

“We are very pleased to partner again with Chariot on a new renewable energy project dedicated to the mining sector. Our solar project will enable the Karo Platinum Mine to be supplied in low carbon electricity during its operating life, therefore reducing its carbon footprint and generating a competitive source of electricity supply in Zimbabwe. I look forward to delivering this solar project and wish to start even more renewable energy projects in this country where our strategic shareholder, TotalEnergies, holds a strong footprint,” said Fabienne Demol, Executive Vice-President & Global Head of Business Development of Total Eren.

ALSO ON 263Chat:  AfDB Grant To Improve Governance Of Natural Resource Outflows For Zimbabwe

Tharisa, the platinum group metals (“PGMs”) and chrome co-producer dual-listed on the Johannesburg and London stock exchanges, is a 70 percent shareholder in Karo Mining Holdings which in turn indirectly owns 85 percent of the Karo Platinum Project, with the Government of Zimbabwe holding the remaining 15 percent, on a free carry basis.

Benoit Garrivier, Chariot Transitional Power CEO said in partnering with Total Eren on this project, the company advanced towards its objective of delivering a 1 GW renewable energy pipeline and developing some of the largest sustainable power projects in Africa.

The development comes at a time the country facing acute power challenges that threatens to cripple industry.

 “As part of our sustainable development plan, green power was always placed at the forefront of our energy strategy. Land designated to develop this type of power strategy has been allocated, close to the Karo Mine but also being mindful of a broader power strategy that we will develop with our partners and the government of Zimbabwe, to ensure stable and lasting green energy benefitting all our stakeholders and beyond,” said Bernard Pryor, Managing Director of Karo Mining Holdings.

Karo Mining Holdings is currently implementing a multi-phased development approach at the Karo Platinum project where a 17-year opencast mine is to be built with a timeline to deliver its first ore to mill in July 2024.

Share this article

No comments

Sorry, the comment form is closed at this time.

You cannot copy content of this page