- 25-year mining lease secured by Tharisa.
- Project covers 23,903 hectares.
- Phase one targets 226,000 PGM ounces yearly.
Tharisa has secured a 25-year Special Mining Lease Agreement for its Karo Platinum Project in Zimbabwe, giving the company long-term rights over a 23,903-hectare area on the mineral-rich Great Dyke.
The agreement was reached between Tharisa’s Zimbabwean subsidiary, Karo Platinum, and the Zimbabwean government. It provides the project with greater security of tenure and establishes a clearer fiscal and operational framework for its development.
Major boost for Karo Platinum
The Karo project is one of Zimbabwe’s major undeveloped platinum group metals (PGM) assets. Tharisa said more than US$240 million has already been invested in the project.
Under its first phase, Karo Platinum is expected to produce about 226,000 ounces of PGMs annually and create more than 1,000 jobs.
The company believes the long-term lease will reduce investment risks and strengthen its ability to secure financing for the project.
The agreement also provides for a 15 per cent free-carried interest for the Zimbabwean government through Generation Minerals.
Tharisa said the arrangement demonstrates Zimbabwe’s growing efforts to attract long-term investment into its mining sector and support projects considered strategically important to the national economy.
The company expects Karo to support production for more than 50 years when potential future underground mining is taken into account.
Tharisa is positioning Karo Platinum as an important component of its growth strategy towards 2030.
The company operates across the platinum group metals and chrome industries, with mining, processing, beneficiation, marketing and logistics operations. Its major existing asset is the Tharisa Mine in South Africa.
The company is also investing in downstream processing and energy-transition technologies, including redox flow battery technology.
Beyond production, the Karo project is expected to generate employment, stimulate economic activity and create opportunities for communities around the mining area.
The new 25-year lease gives Tharisa greater certainty to move forward with development while providing Zimbabwe with a long-term investment and potential revenue stream from one of its key mineral resources.
