Tharisa secures five-year offtake deal for Zimbabwe's Karo Platinum Project

Tharisa Plc has secured a binding five-year concentrate purchase agreement with a subsidiary of Valterra Platinum for the Karo Platinum Project located on Zimbabwe’s Great Dyke. The agreement covers platinum group metals (PGM) and base metal concentrate produced by the project.

Karo Platinum is a $240 million development project owned 85% by Karo Mining Holdings, of which Tharisa owns 78.81%. The remaining 15% is held by the Government of Zimbabwe. The project targets first production in the second half of 2027 and is expected to produce approximately 226,000 ounces of PGMs annually.

The deal follows the signing of a 25-year special mining lease agreement between Karo Platinum and the Zimbabwean government, providing the fiscal certainty required to advance the project. Tharisa CEO Phoevos Pouroulis stated that the agreement strengthens the project’s bankability and provides offtake certainty as development progresses.