The Genesis of a Tier-One Asset
The Genesis of a
Tier-One Asset
A Journey of Development
A Journey of
Development
The Karo Platinum Project’s history is a narrative of vision, strategic planning and commitment. From its earliest explorations to the significant milestones achieved, this journey represents a multi-year endeavor built on thorough geological understanding, robust partnerships and persistent execution.
Key Project Milestones
What began as a search for platinum opportunities in Zimbabwe has evolved into the development of a world-class, fully integrated platinum group metals (PGM) mining complex. Every step taken has strengthened the foundation for sustainable and impactful mining operations that will deliver long-term economic value, create jobs and foster responsible resource development.
Initial Exploration
Initial exploration for platinum mining and refining opportunities in Zimbabwe commenced, marking the beginning of the Karo journey.
Expression of Interest
The Government of Zimbabwe issued an expression of interest for companies to develop PGM opportunities, to which Karo submitted a proposal.
Resource Declaration
Zimplats declared an indicated and inferred resource of 96.4 Moz PGMs (4E basis) over the Karo project area.
Investment Agreement
Karo Holdings entered into a landmark Investment Framework Agreement with the Republic of Zimbabwe, outlining the commitment to establish an integrated PGM mining complex.
Tharisa Mines – Initial Shareholding
Tharisa plc acquired an initial 26.8% shareholding in Karo Holdings, solidifying a crucial strategic partnership.
Concession Area Aquired
By virtue of a Special Grant, the right to mine was granted for a period of five years, securing the project concession area.
Implementation Study Completed
A comprehensive study confirmed the Karo Platinum Project as a Tier-One asset with a +20-year life-of-mine and annual production potential exceeding 150koz PGMs.
Mining Lease Issued
A full Mining Lease was issued for the life of the mine, providing long-term security and certainty.
Tharisa Mines – Controlling Interest
Tharisa exercised its farm-in option, increasing its shareholding in Karo Holdings to 66.3%.
Environmental & Power Permits
Environmental permits secured for the mine, plant, bulk power, and water supply.
Construction Commencement Ceremony
The official groundbreaking ceremony marked the start of construction.
Victoria Falls Stock Exchange
Bond issue private placement results announced, alongside the commencement of trading on the Victoria Falls Stock Exchange.
Open-Pit Pilot Mining
Pilot mining operations began to refine mining methods and test metallurgical processes ahead of full-scale production.
Infrastructure Development
Extensive ground clearing completed; cement pouring commenced for crushing and screening circuits, silos, mills, flotation circuits, and the control room building. Foundations for the Selous Substation 175Mv upgrade completed.
Corporate Governance Strengthened
Gloria Zvaravanhu appointed as independent non-executive director and chair of the audit committee.
Civil Works Progress
Erection of crushing and screening plinths, mill civils, flotation civils, and control room building progressed. Mineral Reserve and Mineral Resource Statement updated to reflect latest drilling and modelling results.
Independent Competent Persons’ Report
An updated Independent Competent Persons’ Report on the Karo PGE Project released, providing a comprehensive technical review.
Charting the
Path Forward
The meticulous planning, strategic decision-making and diligent execution that define the Karo Platinum Project’s history have built a platform for success. As construction advances toward full-scale production, the project is positioned to deliver lasting benefits, from economic contribution and job creation to pioneering sustainability initiatives, including renewable power integration.
