Karo Platinum is the newest low-cost, open pit PGM asset under construction and located on the Great Dyke in Zimbabwe.
The Karo Platinum Project is a landmark development placing Karo Mining Holdings at the forefront of Zimbabwe's Platinum Group Metals (PGM) industry. Situated on the country's renowned Great Dyke, the project is a world-class, tier-one PGM asset built on principles of responsible, low-cost, and sustainable production. With an initial open cast mine life of 10 years, the Karo Platinum Project is set to deliver consistent, efficient production while driving economic growth, job creation, and long-term value for all stakeholders.
Unlocking Zimbabwe's Mineral Wealth for
a Sustainable Future
'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, situated within Zimbabwe's famed Great Dyke, is a cornerstone of Tharisa's diversification strategy and marks a significant step in expanding its PGMs footprint in Southern Africa.
The significance of the Great Dyke
The project's establishment tapped into the region's vast mineral endowment, positioning Tharisa as a significant player beyond South Africa and ensuring exposure to a globally competitive ore body.History
A 70% stake acquisition in Karo Mining Holdings by Tharisa in 2022 formalised its commitment, putting the Group at the centre of one of the most promising new mining developments in Zimbabwe. As at the end of September 2025, Tharisa held a 78.17% stake in the business, with Medway Developments holding the balance.
The Republic of Zimbabwe is a partner in the project and has a 15% stake on a free carry basis at the Karo Platinum level, held via Generation Minerals, giving Tharisa an effective 66.44% shareholding in Karo Platinum.
Project outline
Karo Platinum has addressed Zimbabwe's legal compliance requirements, including licensing and environmental and social aspects and subscribes to the International Finance Corporation (IFC) Performance Standards and the Equator Principles. No major risks are identified in association with the current and planned permit. The project area is encompassed in a 23 903 ha mining lease 41 (issued for PGMs on 12 March 2021 and is valid for the duration of the LOM). Base metals are intended to be extracted in association with the PGMs.
Project derisked
Karo Platinum has advanced significantly, with exploration, mine planning and infrastructure development largely complete. The project is derisked, part‑funded and positioned to commence production with high confidence in geology and cost controls.
The concentrator area has advanced significantly, with major construction milestones completed. Civil works are progressing well across the site, long‑lead equipment has been delivered and installation is underway. The facility is designed to provide efficient, large‑scale processing that underpins the long‑term success of the Karo Platinum Project.
Strong partnership
Karo Platinum's positioning on the Great Dyke is fundamental to its value, offering access to a world‑class PGM resource, a supportive mining environment and the ability to leverage regional expertise. The project is a flagship for Tharisa's future growth, the sustainable development of Zimbabwe's mineral wealth and the creation of shared value for all stakeholders.
