HARARE, Aug 25 – Tharisa has secured a 25-year special mining lease agreement with the government of Zimbabwe for its Karo platinum group metals (PGM) project, a key step toward advancing the development of the mine.
Tharisa Plc, an integrated PGM and chrome producer operating in South Africa, is developing the Karo project in Zimbabwe. The project is expected to produce 226,000 ounces of PGMs annually during its first phase.
First production from the Karo project is now expected in 2027, three years later than originally planned, following a sharp decline in PGM prices between 2023 and 2024.
PGM prices fell sharply as expectations for the growth of electric vehicles weakened the outlook for the metals. PGMs are mainly used in catalytic converters, which help reduce vehicle emissions but are not used in fully battery-powered electric vehicles.
PGM prices recovered in mid-2025 after production in major producer South Africa continued to decline, while the growth of electric vehicles turned out to be slower than previously expected.
Tharisa Chief Executive Officer Phoevos Pouroulis said the signing of the special mining lease agreement provides the long-term security of tenure and fiscal certainty needed to advance the Karo project.
