HARARE – Tharisa Plc has confirmed that its Tier 1 Karo Platinum Project remains on track to reach the “first ore in mill” milestone by H2 2027, signaling a major leap forward for one of Zimbabwe’s most significant mining investments.
Following the successful mobilization of mining contractors at the end of the last quarter, the project has transitioned into active mining preparation with the commencement of open-pit surface clearing. To ensure the 2027 production target remains secure, the Group is currently advancing infrastructure development and investing in key work packages to lock in the necessary power, water, and long-lead items required for full-scale operations.
The financial architecture for the Zimbabwe-based project is also nearing completion, with a funding package designed to cover the full project costs through to first production. CEO Phoevos Pouroulis noted that good progress has been made on these funding arrangements, though they remain subject to final fiscal stability agreements with the Government of Zimbabwe, which are currently nearing conclusion.
Once operational, Karo is expected to be a cornerstone of Tharisa’s growth strategy, targeting an eventual output of 190,000 ounces of PGMs per year.
In tandem with its Zimbabwean expansion, Tharisa is cementing its long-term future in South Africa, where it officially launched underground development at the Tharisa Mine on 31 March 2026. The first blast at the Apollo portal marks the beginning of a decade-long, US$500 million investment program intended to sustain an annual output of over 200 koz of PGMs and 2.0 Mt of chrome concentrate. This strategic shift to underground mining is expected to extend the mine’s operational life by more than 60 years, ensuring it remains a low-cost, multi-generational anchor for the Group.
Operationally, Tharisa reported a resilient second quarter despite the seasonal challenges of high rainfall and increased lightning events. While reef mining was slightly constrained by in-pit logistics, the Group achieved a 15.6% increase in quarterly chrome production to 404.0 kt, supported by improved feed grades. PGM production reached 34.3 koz, and while output was hampered by lower grades in the reef being mined, recoveries remained robust and consistent at 77.5%.
The Group’s financial position was bolstered by a material strengthening in the pricing environment, with the average PGM basket price surging 37.6% to US$3 038/oz and metallurgical grade chrome rising to US$290/t. Tharisa ended the period with a strong net cash position of US$54.7 million, underpinned by a cash balance of US$184.3 million. This liquidity provides a solid foundation as the company navigates geopolitical challenges and focuses on the dual goals of commissioning the Karo project in Zimbabwe and scaling its new underground operations
