Land Ceded by Impala to Be Used for Karo's $4.2 Billion Project

(Bloomberg) -- A platinum-bearing mine concession ceded by a subsidiary of Impala Platinum Holdings Ltd. will be used by Karo Resources to develop a $4.2 billion mining complex, Zimbabwe’s mines minister said.

Impala, based in Johannesburg, on Wednesday said its Zimplats subsidiary had agreed to release 23,903 hectares (59,064 acres) of land to the government without saying what it would be used for. Zimbabwe has been pressuring Impala to release land so that it can accelerate the development of mines on the world’s second-biggest platinum reserves.

“That’s for Karo Resources,” Mines Minister Winston Chitando said in an mobile phone without providing further details.

Karo’s project is to be developed as a joint venture with the government, Phoevos Pouroulis, the chief executive officer of Tharisa Plc and a member of the family that controls Cyprus-based Karo, said in an interview last week. Tharisa may join Karo in developing the project.

To contact the reporter on this story: Godfrey Marawanyika in Harare at gmarawanyika@bloomberg.net

To contact the editors responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net, Rene Vollgraaff

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