…..First production set for 2027…
By Lovemore Lubinda
HARARE — (MaraviPost)-Zimbabwe has signed a 25-year Special Mining Lease Agreement for the Karo Platinum Project, securing tenure and fiscal certainty for one of the world’s largest undeveloped Platinum Group Metals projects located on the Great Dyke.
President Emmerson Dambudzo Mnangagwa witnessed the signing of the agreement on Monday afternoon, August 24, 2026 at State House.
The agreement was signed by Eng. Polite Kambamura, Minister of Mines and Mining Development, and Prof. Mthuli Ncube, Minister of Finance, Economic Development and Investment Promotion, with Karo Platinum, which was developed by Karo Mining Holdings and majority-owned by South Africa’s Tharisa plc.
The Special Mining Lease grants Karo Platinum tenure over 23,903 hectares for an initial term of 25 years under the Mines and Minerals Act.
According to officials, the lease sets a fiscal and operational framework to attract funding and assures investors of stability.
Karo Holdings Country Manager Dr. Josephat Zimba said the agreement “secures tenure and fiscal support, enabling rapid progress since 2018 from exploration to plant, power line, and dam construction with production set for 2027.”
He stressed efficient mining as the foundation of value addition and highlighted community projects including irrigated gardens, humane relocations, and modern housing built to IFC standards.
Eng. Polite Kambamura said the agreement grants Karo Holdings long‑term security over its 23,903‑hectare concession and praised Karo’s patience since 2018 as laying a strong foundation for a project with a 50‑year life span.
He underscored Zimbabwe’s openness to business and pride in Karo’s progress.
Karo Platinum is 85% owned by Karo Mining Holdings, with the Government of Zimbabwe holding 15% through Generation Minerals on an unencumbered free carry basis.
The project is located on Zimbabwe’s Great Dyke and has an open pit Mineral Reserve of 2.1 million ounces on a 4E basis and a Mineral Resource of 11.2 million ounces on a 4E basis.
More than $240 million has been invested in the project’s development to date.
Kumbirayi Katsande, Chairman of Karo Platinum, stated that the agreement provides long-term certainty for the project’s progression.
Phoevos Pouroulis, CEO of Tharisa, says phase 1 is designed to employ over 1,000 people while delivering 226,000 ounces of PGMs per annum.
Tharisa plc is dual-listed on the Johannesburg and London stock exchanges.
The company operates the Tharisa Mine on the Bushveld Complex in South Africa and is developing the Karo Platinum Project as part of its growth strategy.
Government said the milestone affirms its commitment to value addition, investment and jobs under Vision 2030.
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