Karo Platinum, a Zimbabwean platinum group metals (PGM) project owned by Tharisa, is ramping up construction at its Chegutu site as it works to close a $165 million funding round critical to completing the first phase.
By Ryan Chigoche
Delayed by a slump in global platinum prices, the project is now regaining momentum with visible progress on site and a clear path forward.
To support its financing goals, Karo recently hosted a site tour for potential investors, showcasing the scale and progress of its operations.
The company has already raised $37 million through a bond listed on the Victoria Falls Stock Exchange and plans to extend the facility.
Apart from that, Karo is also pursuing a $50 million to $100 million gold streaming agreement, leveraging gold produced as a by-product to secure upfront capital.
Located on Zimbabwe’s mineral-rich Great Dyke, Karo’s long-life operation will include a 10-year open-pit phase followed by a 30-year underground mine, producing up to 226,000 ounces of PGMs annually.
This would make it Zimbabwe’s third-largest producer, behind Zimplats and Unki.
Despite early ambitions to complete the mine in 2024, the downturn in platinum prices forced a revised timeline.
The current plan targets first ore to mill within 15 months after closing the fundraising round, aligning construction and commissioning with capital availability.
On the ground, construction is advancing steadily.
Karo has prioritised foundational earthworks ahead of the rainy season to prevent delays.
A key development is a 710-metre-long, 14-metre-high dam nearing completion.
Located 7.5 km from the plant, it will store 5,000 megalitres of water—essential for processing—and is being built using labour-intensive rock packing, creating 220 local jobs in the process.
Power infrastructure is also progressing. A 35-kilometre, 132 kV transmission line is under construction, linking the Saloon substation to the site.
Substations and electrical buildings are being built early, enabling contractors to start installations in parallel.
Power will be stepped down to 11 kV and 550 volts for plant operations.
With foundational work largely complete, the site is moving into vertical construction.
The thickener area is nearly finished, with steel installation scheduled for early 2025. The towering 30-metre mould building, which will house 125-tonne moulds, will require a 600-tonne crane for installation, reflecting the project’s technical complexity. Simultaneously, steelwork on the flotation circuit is underway.
Beyond infrastructure, the project’s socio-economic impact is significant. Karo expects to employ 1,000 people in mining and processing, with a further 1,500 jobs during plant expansion.
Indirect employment could bring the total benefit to around 10,000 people, supporting families and local suppliers.
At full capacity, Karo is expected to produce 200,000 ounces of PGMs per year, contributing nearly 20% of Zimbabwe’s national output.
With PGMs priced between $1,400 and $1,500 per ounce, annual revenues could reach $300 million, equivalent to nearly 1% of Zimbabwe’s GDP.
To handle the scale of the operation, Karo has also established an on-site bonded warehouse, reducing customs delays by up to two weeks per shipment.
The completed plant will include 260 kilometres of electrical cabling and nearly 2,000 tonnes of structural steel.
With support from CBZ, ABSA, and growing investor interest, Karo Platinum is steadily transforming the Chegutu project into Zimbabwe’s next major PGM operation.
As construction advances and funding nears completion, the project stands to deliver not just minerals but lasting economic value for the country.
