PGM miner Karo Mining Holdings has made further progress in de-risking its Karo Platinum Project in Zimbabwe, with open-pit surface clearing now underway as the development advances toward first ore being milled in the second half of 2027.
The milestone marks the project’s transition from early development into active construction, with physical site preparation now taking place at the mine.
The development is expected to strengthen Zimbabwe’s position as one of the world’s key platinum producers, while advancing a US$499 million investment that will add significant production capacity from the mineral-rich Great Dyke.
By clearing the open-pit area and advancing key infrastructure works, the group is reducing execution and operational risks while ensuring the project remains on schedule.
Previously, the group expected to mill its first platinum group metals (PGM) ore in June 2027 at its Zimbabwe project, with total capital expenditure budgeted at US$499 million up to that point.
“We continue to make good progress in further derisking our Karo Platinum Project in Zimbabwe, with open-pit surface clearing commencing as planned, following the successful mobilisation of our mining contractor at the end of the last quarter,” Tharisa Plc chief executive officer Phoevos Pouroulis said in the group’s second quarter FY2026 report ended March 31, 2026.
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“Infrastructure development and investment in key work packages continues, securing the necessary power, water and long lead requirements. Good progress has been made regarding the Karo funding, which will provide the full requirements for project completion and targeting first ore in the mill in H2 2027.”
Tharisa Plc is a Cyprus-based integrated resources group and the parent company of Karo Mining Holdings.
“The funding is subject to final agreement with the Government of Zimbabwe on the fiscal stability agreements, which are nearing conclusion,” Pouroulis said.
Construction of the Karo Platinum Project began on December 7, 2022, and has been steadily progressing since then.
The project covers an area of 23 903 hectares within the Great Dyke in Mashonaland West province, approximately 80 kilometres southwest of Harare and 35km southeast of Chegutu.
The Great Dyke is a PGM-bearing geological formation that runs north to south across Zimbabwe for about 550km and is up to 11km wide. It is considered the world’s second-largest PGM resource base after South Africa’s Bushveld Complex.