Tharisa Plc, a prominent integrated platinum group metal (PGM) and chrome producer, has officially secured a 25-year special mining lease agreement with the Zimbabwean government for its Karo platinum project. This significant development marks a crucial step forward for the venture, which is set to advance the country’s mining sector. The Karo project, located in Zimbabwe, is projected to yield an impressive 226,000 ounces of PGMs annually during its initial phase.
First production from the Karo project is now anticipated in 2027, a revised timeline that comes three years later than originally scheduled. This adjustment follows a sharp decline in PGM prices observed between 2023 and 2024. PGM prices experienced a recovery in mid-2025, influenced by a continued decrease in output from major producer South Africa and a slower-than-expected growth in electric vehicle adoption. Tharisa CEO Phoevos Pouroulis emphasized that the newly signed special mining lease agreement provides the long-term security of tenure and fiscal certainty essential for the progression of the Karo project.
Key Players Involved
- Tharisa Plc: Integrated PGM and chrome producer advancing the Karo platinum project.
- Government of Zimbabwe: Grantor of the 25-year special mining lease.
- Phoevos Pouroulis: CEO of Tharisa, highlighting the importance of the lease for project advancement.
Event Timeline
- August 25, 2026: Tharisa Plc announces the signing of the 25-year special mining lease agreement.
- 2023-2024: Period of sharp decline in PGM prices.
- Mid-2025: PGM prices begin to recover.
- 2027: Expected year for first production from the Karo project.
