KARO Mining Holdings (Karo) says it is currently in advanced negotiations to raise US$260 million in debt capital for its platinum project in Zimbabwe, with a US$160 million term sheet already agreed upon by a consortium of lenders.
This comes amid the development of Karo’s open-pit PGM asset on the Great Dyke.
In a statement accompanying financial results for the year ended September 30, 2023, the company said it had appointed advisors to explore options for the remaining US$100 million.
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Karo remains confident in the project’s prospects, citing its long lifespan and strong commodity fundamentals.
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