THARISA Plc has strengthened its long-term platinum group metals (PGM) growth strategy by positioning the Karo Platinum Project (KPP) in Zimbabwe as a key future production pillar.
This comes after the project’s carrying value rose 21,3% to US$385 million in the financial year ended September 30, 2025.
The carrying value increased from US$317,3 million in the prior year, reflecting continued capital deployment and confidence in the project’s long-term fundamentals, despite a slower development pace.
The Cyprus-based integrated resources group has increased its stake in Karo Mining Holdings — the owner of the project — to 78,81%, having invested US$56,5 million since September 2024.
“Tharisa’s integrated business model remains the foundation of our competitive position. We are advancing our portfolio diversification through continued progress at the Karo Platinum Project in Zimbabwe, which provides long-term PGM optionality and strengthens the group’s growth pipeline,” Tharisa executive chairperson Loucas Pouroulis said in a statement accompanying the group’s integrated annual report ended September 30, 2025.
He said Tharisa’s integrated, low-cost business model, disciplined capital allocation, and continued investment in innovation and digitalisation would provide a robust platform to create value through the cycle.
Keep Reading
- Feature: Revolving door of Zim's mining investment keeps on spinning
- Mystery shrouds Karo’s Ngezi platinum project
- Ceteris Paribus: Bite-size snapshot of the VFEX activity flurry
- Karo bond undersubscribed
“We will maintain a sharp focus on safety, cash generation, project delivery — including the phased execution at Karo Platinum — and stakeholder partnerships,” Pouroulis said.
During the year under review, Tharisa’s total capital expenditure declined to US$118,5 million from US$196,8 million the previous year. Of this amount, US$33,5 million was directed towards the Karo Platinum Project, down from US$84,1 million in the prior period.
The lower spend reflects the project’s extended development timeline and ongoing evaluation of funding structures, even as critical enabling infrastructure continues to be advanced.
Located on Zimbabwe’s mineral-rich Great Dyke, KPP is central to Tharisa’s regional diversification strategy and expansion of its PGM footprint in southern Africa.
The project covers a 23 903-hectare mining lease and hosts measured, indicated, and inferred resources of 178,22 tonnes, equivalent to 11,27 million ounces of PGMs.
At a current PGM basket price of approximately US$1 850 per ounce, the resource base represents a gross in-situ value of about US$20,85 billion, underlining the scale of the opportunity.
“Our steadfast belief in the PGM market has supported our measured and material investment in the Great Dyke of Zimbabwe at our tier-one project, Karo Platinum,” Tharisa chief executive officer Phoevos Pouroulis said.
“Within our capital allocation framework, significant progress has been made on site, with a current focus on infrastructure projects to ensure the supply of both water and electricity.”
The Tharisa CEO said key fiscal provisions were being finalised with the government to enhance project bankability and funding certainty.
“The capital invested to date positions us to accelerate development once funding has been secured, enabling us to benefit from what we believe is a structurally positive [PGM] market,” he said.
Looking ahead, Tharisa expects the successful ramp-up of KPP to further diversify its asset base and potentially add meaningful annual PGM production from 2027 onwards.
Despite signs of stabilisation in the global economy and improving PGM market conditions, Tharisa noted that an impairment indicator exists, mainly due to the prolonged development of KPP.
“The carrying value of the Karo Platinum Project CGU (cash-generating unit) of US$385 million was tested for impairment by determining the value in use,” Tharisa said.
A discounted cash flow model covering a 13-year mine life was applied, using a PGM basket price of US$1 802 per ounce and a pre-tax discount rate of 12,8%.
“The group believes that the recoverable value of the CGU exceeds the carrying value of US$385 million. Consequently, the group believes that no impairment is required at 30 September 2025 as the value in use exceeds the carrying value and supports the recoverability of the Karo Platinum Project CGU,” Tharisa said.