Source: Unleashing Zimbabwe’s mineral wealth for a sustainable future
The Karo platinum project in Zimbabwe represents a rare greenfield development in the platinum group metals (PGM) space, offering JSE- and LSE-listed integrated resource group Tharisa the chance to leverage new technologies that reduce costs and increase efficiencies – advantages not typically available in mature brownfield operations.
The Karo platinum project is a joint venture between Karo Mining Holdings (85%) and Generation Minerals (15%), a special-purpose vehicle of the Republic of Zimbabwe, held on a free-carry basis. In turn, Tharisa is a 77% shareholder in Karo Mining Holdings and acts as anchor capital provider for the project.
The Karo platinum project is one of only two major PGM projects currently under construction globally and is positioning Karo Mining Holdings at the forefront of the PGM industry, says Tharisa.
The project is a Tier 1 PGM asset designed for responsible, low-cost and long-term production of strategic commodities required to deliver a sustainable future. With an initial 17-year mine life, it is laying the groundwork for economic growth and sustainable development that benefits all stakeholders.
“We believe progress must be achieved by balancing economic growth with responsibility toward our planet and our communities,” adds Tharisa.
The project is strategically located on Zimbabwe’s Great Dyke – an immense layered igneous intrusion that is not merely a geological marvel; it is a globally significant PGM- bearing structure, second only to South Africa’s renowned Bushveld Complex.
Karo is positioned across the eastern and western flanks of the Great Dyke, above the Main Sulphide Zone, the primary host for PGMs. Guided by detailed geological insights, the project will aim to responsibly and efficiently tap into this vast mineral potential, states Tharisa.
The Karo project will combine a ten-year openpit phase with a longer 30-year underground phase. Returns may be further enhanced if current studies to use the base metal reef, rich in copper, nickel and cobalt, prove successful.
With major derisking completed, and about $150-million spent on the project since inception, construction of the Karo project in Zimbabwe is firmly under way, although aspects of the project were decelerated owing to the low PGM price environment.
All the earthworks have been completed, with about 80% of the civils finalised. The project also recently took delivery of its mills, which have been installed on site. Work on securing more water sustainability is advancing, and the development of the Chirundazi dam is ongoing. Electricity installations also continue, with the project’s power supply coming from the Selous substation.
Once operational, the project is expected to add about 200 000 oz/y of PGMs, doubling Tharisa’s current output from its Tharisa mine on the western limb of the Bushveld Complex.
Importantly, Phase 1 of the Karo project only deals with about 10% of the resource endowment – a 96-million-ounce resource with reserves just over 11-million ounces, mirroring Tharisa’s existing Tharisa mine in that it has multi-generational output opportunity.
Karo’s philosophy is rooted in a deep commitment to sustainable and responsible operations, believing that true value creation extends beyond economic returns to encompass profound positive impacts on surrounding communities and the environment. Sustainability is not merely a policy; it is an integral part of Karo’s business model, driving every decision and action, achieving long-term success for all stakeholders, fostering a legacy of responsible resource development, concludes Tharisa.
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