INTEGRATED mining group Tharisa plc says investment into its flagship Zimbabwean platinum project, Karo Platinum, has risen to US$241 million as mine development gathers momentum ahead of first production next year.
Chief executive Mr Phoevos Pouroulis, during the group’s interim results presentation for the six months ended March 31, 2026, highlighted significant progress on mine development, infrastructure and funding arrangements for the platinum group metals (PGM) project located on Zimbabwe’s Great Dyke.
“Mobilisation at Karo is on track, with open-pit waste stripping already underway as the company advances the next generation PGM growth asset.
“Continued disciplined investment in the Karo Platinum Project remained one of the group’s strategic priorities during the reporting period,” he said.
According to the presentation, Tharisa invested US$21,4 million into Karo during the first half of the financial year as part of ongoing efforts to de-risk the project and maintain construction momentum.
The group also revealed that capital commitments linked to the project stood at US$27,7 million as at March 2026, forming part of total group capital commitments of US$120,2 million.
Tharisa said the Karo project had now reached several major development milestones, including the completion of mine design and metallurgical test work on both base and precious metals reefs.
Mr Pouroulis said earthworks have also been completed, while civil works were reported to be 80 percent complete.
He added that bulk water and electricity supply had already been secured, while mining contractor EPSA had been appointed and mobilised to the site.
“Mining contractor appointed and mobilising, with plant and infrastructure largely complete,” he said in the presentation.
Tharisa is negotiating with lenders for more than US$300 million required to support funding needs under phase one of the Karo mining project in Zimbabwe.
The South African mining group expects the first ore to reach the mill about 15 months after the financial close of the ongoing funding arrangements, underscoring confidence in the project execution timetable.
The Karo project is expected to become one of Zimbabwe’s major platinum operations, with steady-state mining projected at 2,6 million tonnes per annum at a stripping ratio of 21:1. The project holds mining rights over 23 903 hectares on the Great Dyke and currently contains reserves of 24,8 million tonnes carrying 2,3 million ounces of PGMs, while total resources are estimated at 178,2 million tonnes containing 12 million ounces of PGMs.
Tharisa also cited a historic declared resource of 96,4 million ounces across the lease area.
The miner said Karo would initially operate as a 10-year open-pit mine before transitioning underground, extending the life-of-mine by more than 50 years.
Tharisa further noted that the Zimbabwean Government, through a special-purpose vehicle under the Ministry of Finance, Economic Development and Investment Promotion, holds a 15 percent free carried interest in the project.
Meanwhile, the company’s broader interim results showed strong cash generation supported by rising platinum group metal and chrome prices, with net cash flow from operations increasing 167,8 percent to US$96,4 million during the period.
Mr Pouroulis said supportive commodity fundamentals and strong chrome revenues were helping reduce overall project peak funding requirements while enabling continued investment into long-term growth assets such as Karo.-herald
