Zimbabwe Grants 25-Year Mining Lease to Karo Platinum

Karo Platinum, a subsidiary 85% owned by Tharisa, signed a special mining lease agreement with the Government of Zimbabwe for an initial term of 25 years. The agreement establishes the fiscal framework and tenure for the Karo project on the Great Dyke, which is among the largest undeveloped platinum group metals assets in the region.

Phase 1 of the project is expected to produce 226,000 ounces of platinum group metals annually and employ more than 1,000 people once fully operational. The project has a projected mine life exceeding 50 years, with more than $240 million already invested in community programs and infrastructure.

Government of Zimbabwe Mines and Mining Development Minister Polite Kambamura described the agreement as a "proud and progressive moment for Zimbabwe’s mining sector." Tharisa CEO Phoevos Pouroulis called the lease a "defining milestone" for the company's growth strategy, noting that it provides the security of tenure necessary for a project of this scale.