Karo signs Special Mining Lease Agreement
Tharisa plc announced that its Karo Platinum subsidiary has signed a Special Mining Lease Agreement with the Government of Zimbabwe, securing long-term tenure and fiscal certainty for the Karo Platinum Project. This agreement, covering 23,903 hectares for an initial 25-year term, is crucial for advancing the project towards its first production of PGM concentrate. The project boasts an open pit Mineral Reserve of 2.1 million ounces and a Mineral Resource of 11.2 million ounces, with potential for over 50 years of mine life. Over US$240 million has already been invested in the project, which is expected to employ over 1,000 people in its first phase and deliver 226,000 ounces of PGMs annually, aligning with Tharisa's 2030 strategy.
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('Tharisa' or the 'Company' or 'Group')
KARO PLATINUM SIGNS SPECIAL MINING LEASE AGREEMENT WITH GOVERNMENT OF ZIMBABWE
Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London stock exchanges, announces that Karo Platinum Private Limited ('Karo Platinum') has signed a Special Mining Lease Agreement with the Government of Zimbabwe ('Special Mining Lease Agreement'), securing the tenure and fiscal framework required to advance the Karo Platinum Project ('Project') towards first production.
The President of the Republic of Zimbabwe, His Excellency Emmerson Mnangagwa, attended the signing ceremony at State House in Harare on 24 August 2026.
Karo Platinum is 85% owned by Karo Mining Holdings ('KMH'), with 15% owned by the Government of Zimbabwe via Generation Minerals on an unencumbered free carry.
The Special Mining Lease Agreement marks a significant milestone in the de-risking and advancement of the Project, providing long-term security of tenure and fiscal certainty to support Karo's progression towards first production of PGM concentrate.
The parties have agreed to the fiscal terms, and the agreement was signed by Hon. Minister Dr Eng. Polite Kambamura of the Ministry of Mines and Mining Development and Hon. Minister Mthuli Ncube of the Ministry of Finance, Economic Development and Investment Promotion.
The Special Mining Lease, granted under the Mines and Minerals Act (Chapter 21:05), confers on Karo Platinum long-term tenure over the Project's mining area of 23 903 hectares, together with the fiscal and operational framework applicable to high-value, large-scale mining projects of national significance. The Special Mining Lease has been granted for an initial term of 25 years.
Karo Platinum is one of the largest undeveloped PGM assets on the Great Dyke, with an open pit Mineral Reserve of 2.1 million ounces (4E basis) and a Mineral Resource of 11.2 million ounces (4E basis). Together with potential underground mining, the Project supports a mine life in excess of 50 years.
Over US$240 million has been invested in the development of Karo Platinum to date.
Kumbirayi Katsande, Chairman of Karo Platinum, commented:
'This agreement is an important milestone not only for Karo Platinum, but for Zimbabwe's mining sector and investment climate. The Special Mining Lease supports the long-term certainty required to progress a project of this national significance, while demonstrating Zimbabwe's commitment to attracting responsible, long-term investment into its mineral resource base.
On behalf of Karo Platinum, I would like to thank His Excellency President Emmerson Mnangagwa, the Ministry of Mines and Mining Development, the Ministry of Finance, Economic Development and Investment Promotion, and all Government stakeholders for their constructive and collaborative engagement in finalising the Special Mining Lease Agreement. We look forward to continuing this partnership as we advance Karo Platinum for the benefit of our host communities, the people of Zimbabwe and all stakeholders.'
Phoevos Pouroulis, CEO of Tharisa, commented:
'The signing of this Special Mining Lease Agreement is a defining milestone for Karo Platinum and for Tharisa's growth strategy. It provides the long-term security of tenure and fiscal certainty required to advance a project of this scale and strategic importance, while reinforcing the Government of Zimbabwe's commitment to the responsible development of its mineral endowment.
We are grateful to the Ministry of Mines and Mining Development, the Ministry of Finance, Economic Development and Investment Promotion, and all stakeholders for the constructive engagement that has brought us to this point. With phase 1 designed to employ over 1 000 people while delivering 226 koz of PGMs per annum, Karo Platinum remains central to Tharisa's 2030 strategy. We look forward to advancing the project in partnership with our host communities, stakeholders and the people of Zimbabwe.'
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