Tharisa Capital says it has made significant progress in securing project financing expected to fully cover the capital required to complete development of the Karo Platinum project in Zimbabwe, with first ore processing targeted for the second half of 2027.Zimbabwe business news
In its production report for the second quarter ended March 31, 2026, the company said the platinum group metals (PGM) project had entered a new phase following the successful mobilisation of its mining contractor at the end of the previous quarter.
“We continue to make good progress in further de-risking our Karo Platinum project in Zimbabwe, with open-pit surface clearing commencing as planned,” Tharisa said.
The company said infrastructure development and investment in key work packages were progressing, including securing power, water and long-lead items needed for construction and future operations.
However, Tharisa said the funding package remains subject to the conclusion of fiscal stability agreements with the Government, which are now nearing finalisation.
“The funding is subject to final agreement with the Government on the fiscal stability agreements, which are nearing conclusion,” the company said.
Tharisa plans to invest US$391 million to complete Phase 1 of the Karo project. Since June 2022, the company said it has already committed more than US$131,3 million in capital, with a further US$17,6 million spent on exploration and pre-development work.
Once commissioned, Karo Platinum is expected to become a major new producer in Zimbabwe’s platinum sector.Zimbabwe business news
Located along the mineral-rich Great Dyke and within a designated Special Economic Zone, the project is designed as a large-scale operation, beginning with an initial ten-year open-pit mine before transitioning into a 30-year underground mining phase.
At full production, Karo is expected to produce up to 226 000 ounces of PGMs annually, further strengthening Zimbabwe’s position as one of the world’s leading platinum producers.
The project is set to boost national platinum output, which is currently dominated by Zimplats Holdings, Unki Platinum Mine and Mimosa Mining Company.
Another investor, Bravura Holdings, is also developing a new platinum mine near Zimplats, underscoring growing investor interest in Zimbabwe’s platinum reserves.
Zimbabwe holds the world’s second-largest platinum deposits, as well as significant high-grade chromium resources, making mining a key pillar of the economy.
The sector contributes about 12 percent to gross domestic product and accounts for roughly 80 percent of export earnings.
Mines and Mining Development Minister Dr Polite Kambamura recently said ongoing and new mining investments are critical to achieving the country’s Vision 2030 goal of becoming an upper-middle-income economy through value addition and beneficiation.
Tharisa chief executive Mr Phoevos Pouroulis said the group remained focused on disciplined execution across its operations despite weather-related challenges during the quarter.
“This quarter’s results reflect the resilience and operational discipline that define Tharisa,” he said, adding that the company had put in place measures to secure fuel supplies and maintain efficiency amid global geopolitical risks.-herald
