Tharisa secures 25-year mining lease for Zimbabwe's Karo platinum project

Tharisa Plc has signed a 25-year special mining lease with the government of Zimbabwe for its Karo platinum group metal (PGM) project. The signing ceremony took place at State House in Harare, attended by President Emmerson Mnangagwa.

Located on the Great Dyke, the project covers 23,903 hectares. During its first phase, the Karo project is expected to produce 226,000 ounces of PGMs annually and will employ more than 1,000 people once fully operational.

First production is now anticipated in 2027, representing a three-year delay from the original schedule. This postponement followed a significant decline in PGM prices between 2023 and 2024, driven by concerns over electric vehicle growth. However, prices began to recover in mid-2025 due to declining output in South Africa and slower-than-expected EV adoption rates. Tharisa CEO Phoevos Pouroulis stated that the lease provides the “long-term security of tenure and fiscal certainty required to advance” the project.