Karo Platinum is the newest low-cost, open pit PGM asset under construction and located on the Great Dyke in Zimbabwe.
Tharisa hold 75% of Karo Mining Holdings, as a result of having provided significant capital for the development of the project. Karo Mining Holdings controls an indirect 85% of the shareholding of Karo Platinum with the Republic of Zimbabwe (through Generation Minerals Private Limited) holding the remaining 15% on a free funded carry basis. Tharisa will have an effective 68% in the Karo Platinum Project following the full capital commitments.
A total of 1 691 community stakeholders have been engaged, including 1 048 men and 643 women. One LTI was recorded on the project for the year under review.
'We have shown at Tharisa that we have a track record of not only building mines but have created a business that is sustainable and profitable for the benefits of all stakeholders through job creation, upliftment and upskilling and returns to governments in the forms of royalties and taxes. While the macro environment has necessitated a lengthening of the Karo development timeline, I am as confident as when we started in 2018 that we will deliver the same outcome for all stakeholders at Karo in the years to come'.
The Karo Platinum Project's mining lease spans 23,903 ha within a designated (SEZ) in the southern part of the Great Dyke's middle chamber. It benefits from robust infrastructure, including tarred roads and power access.
The Great Dyke is a PGM-bearing geological feature that runs north to south. At approximately 550 km in length and up to 11 km wide, it is second to the Bushveld Complex of South Africa's PGM resource base.The Karo Platinum Project area is located on both the eastern and western flanks of the Great Dyke, which hosts the Main Sulphide Zone ('MSZ').
Construction at the Karo Platinum Project commenced on 7 December 2022. In June 2023, an open pit pilot mining operation started to enhance mining methods and test metallurgical processing further. Karo aims to process about 2.5 Mtpa of ore, achieving a production of 190.0 kozpa of PGMs (6E basis).
Successful fundraising, led by significant shareholder Tharisa, raised capital for Karo, including approximately US$36.8 million through a structured debt instrument listed on the Victoria Falls Stock Exchange. However, due to the PGM price environment, a review of the Karo Platinum Project's commissioning timeline was necessary. To align with funding availability, the project team has subdivided major workstreams into smaller commitments. Additionally, key long-lead item manufacturing is nearly finished, and pilot mining continues as planned to optimize mining design.
Chariot Limited ('Chariot'), an Africa-focused energy group, has signed an (MoU) to develop, finance, build, and operate a 30 MWp solar PV project for the Karo Platinum Project in Zimbabwe.
Despite the timeline setback, Karo remains a world-class Tier 1 project crucial for the planet's decarbonisation efforts. It's a multi-generational endeavor with significant resource potential after completing phase 1.
