Harare, Zimbabwe – Investment in the Karo Platinum Project, a flagship initiative on Zimbabwe’s Great Dyke, has escalated to US$241 million, signaling robust progress towards its anticipated first production next year. Tharisa plc, the integrated mining group spearheading the project, continues to demonstrate its commitment to advancing this significant platinum group metals (PGM) venture.
Mr. Phoevos Pouroulis, Chief Executive of Tharisa plc, provided an update during the group’s interim results presentation for the six months ending March 31, 2026. He underscored the substantial strides made in mine development, critical infrastructure, and the finalization of funding arrangements for the project, which is poised to become a cornerstone of Zimbabwe’s mining sector.
“Mobilisation at Karo is proceeding as planned, with open-pit waste stripping already in progress, propelling the development of this next-generation PGM growth asset,” Mr. Pouroulis stated. He further emphasized that “continued disciplined investment in the Karo Platinum Project remained one of the group’s strategic priorities during the reporting period,” reflecting a steadfast commitment to its success.
During the first half of the financial year, Tharisa injected an additional US$21.4 million into the Karo project. This investment is part of a concerted effort to mitigate risks and sustain the momentum of construction. Capital commitments associated with the project reached US$27.7 million by March 2026, contributing to the group’s total capital commitments of US$120.2 million.
The Karo project has achieved several key development milestones. These include the successful completion of mine design and comprehensive metallurgical test work for both base and precious metals reefs. Earthworks have been finalized, and civil works are now 80 percent complete. Essential bulk water and electricity supplies have been secured, and mining contractor EPSA has been appointed and is actively mobilizing on site.
Mr. Pouroulis confirmed, “The mining contractor has been appointed and is mobilising, with plant and infrastructure largely complete,” highlighting the advanced stage of operational readiness.
Tharisa is currently engaged in negotiations with lenders to secure over US$300 million, which is essential for the funding requirements of phase one of the Karo mining project. The South African mining group anticipates that the first ore will be processed approximately 15 months after the financial close of these ongoing funding arrangements, reinforcing confidence in the project’s execution timeline.
Upon reaching steady-state operations, the Karo project is projected to process 2.6 million tonnes per annum, with a stripping ratio of 21:1, establishing it as one of Zimbabwe’s leading platinum producers. The project encompasses mining rights over 23,903 hectares on the Great Dyke, holding reserves of 24.8 million tonnes containing 2.3 million ounces of PGMs. Total resources are estimated at 178.2 million tonnes, with an impressive 12 million ounces of PGMs. Additionally, Tharisa noted a historic declared resource of 96.4 million ounces across the lease area.
The miner indicated that Karo would initially operate as a 10-year open-pit mine, with plans to transition to underground mining, thereby extending the life-of-mine by more than 50 years. This long-term vision underscores the project’s sustainable contribution to the Zimbabwean economy.
Furthermore, the Zimbabwean Government, through a special-purpose vehicle under the Ministry of Finance, Economic Development and Investment Promotion, maintains a 15 percent free carried interest in the project, demonstrating a strategic partnership in national development.
In parallel, Tharisa’s broader interim results showcased robust financial performance, driven by strong cash generation. This was supported by favorable platinum group metal and chrome prices, leading to a significant 167.8 percent increase in net cash flow from operations, reaching US$96.4 million during the period.
Mr. Pouroulis concluded that supportive commodity fundamentals and strong chrome revenues are effectively reducing the overall project peak funding requirements, while simultaneously enabling continued investment into crucial long-term growth assets such as the Karo Platinum Project. This strategic approach ensures sustained economic benefit and development for Zimbabwe.
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