Tharisa secures 25-year lease for major Zimbabwe platinum project

Tharisa Plc., an integrated resource group, has signed a 25-year special mining lease agreement with the Zimbabwean government for its Karo platinum group metals project, giving the company long-term security to advance one of its major African mining investments.

The agreement provides the legal and fiscal framework Tharisa needs to move the Karo project toward production, Chief Executive Officer Phoevos Pouroulis said. “The signing provides the long-term security of tenure and fiscal certainty required to advance the Karo project,” Pouroulis said.

First production is now expected in 2027, three years later than initially planned, after a sharp decline in platinum group metal prices between 2023 and 2024 affected the project’s development schedule.

Karo is expected to produce about 226,000 ounces of PGMs annually during its first phase, positioning the Zimbabwe project as a significant addition to the country’s mining industry.

PGM prices shape project timing

The delay comes after weaker PGM prices clouded the outlook for new mining projects. Platinum, palladium and other PGMs are widely used in catalytic converters to reduce vehicle emissions.

Expectations for rapid electric-vehicle adoption added pressure to the market because battery-powered EVs do not require traditional catalytic converters.

PGM prices began recovering in mid-2025 as production from major South African mines continued to decline and electric-vehicle adoption expanded more slowly than previously expected.

For Zimbabwe, the Karo project offers an opportunity to increase platinum production and attract further investment into the country’s mining sector.

Tharisa expands African mining footprint

Based in Cyprus, Tharisa is an integrated resource group focused on mining, processing, exploration, beneficiation, marketing, sales and logistics of PGMs and chrome concentrates. The company positions its operations around metals it considers important to the energy transition and the decarbonization of economies.

Tharisa’s flagship operations include a co-producing open-pit PGM and chrome mine in South Africa’s Bushveld Complex. The operation is transitioning toward mechanized underground mining, with plans designed to support a mine life of about 60 years.

The Karo project adds another major PGM asset to Tharisa’s portfolio and strengthens its presence in Southern Africa’s mining industry as producers respond to changing vehicle technology, supply constraints and demand for critical metals.

The 25-year lease gives Tharisa a longer planning horizon as it works toward bringing Karo into production in 2027.