Mining ZimbabweLatest Mining News, Policy and Industry Updates

Tharisa Plc will move trading in its London-listed shares to the London Stock Exchange’s flagship SETS electronic order book from October 1, in a move aimed at improving liquidity and price formation as the platinum and chrome producer advances its growth strategy. Mining Zimbabwe can report.

By Ryan Chigoche

The dual-listed miner said the migration from SETSqx, a trading service designed for less-liquid securities, to SETS will provide continuous order-driven trading throughout the day, supported by opening and closing auctions and registered market makers.

Tharisa expects the change to improve on-order-book liquidity, potentially narrow bid-offer spreads and broaden access to its shares among UK and international institutional investors.

The move comes days after the company reached a key milestone in securing funding for its Karo Platinum Project on Zimbabwe’s Great Dyke, with the net proceeds of a US$300 million five-year senior secured Nordic bond placed in escrow.

The bond, issued through wholly owned subsidiary Arxo Finance plc, was priced at 98% of principal with an 11% semi-annual coupon after being oversubscribed on September 11. The proceeds are earmarked primarily for completing Karo, with any remaining funds available for general corporate purposes.

Tharisa said the funds will be released to the group once the remaining applicable conditions are satisfied. Chief Executive Phoevos Pouroulis said the escrow milestone brought the company closer to fully funding Karo, with attention now turning to the remaining conditions ahead of project drawdown.

The SETS migration itself does not provide funding for Karo. Instead, it changes how Tharisa’s existing London-listed shares are traded, potentially creating a more liquid market for investors as the company moves deeper into the development of its second operating asset.

Karo is designed to produce about 226,000 ounces of PGMs a year at full Phase 1 capacity, more than doubling Tharisa’s group PGM production. First ore to the mill is targeted for the fourth quarter of 2027. Tharisa has also secured a five-year offtake agreement with Valterra Platinum for Karo’s PGM concentrate.

The Zimbabwe project forms a central part of Tharisa’s expansion beyond its existing Tharisa Mine in South Africa, where the group produces chrome and PGMs from a single orebody. Karo is being developed as a second major operating asset on the Great Dyke and is intended to expand the group’s exposure to PGMs.

Tharisa’s latest funding activity follows a period of increased investment in Karo and its South African underground development. At the end of June, the group had US$198.8 million in cash and US$188.1 million in debt, leaving it with a net cash position of US$10.7 million, compared with US$54.7 million three months earlier. The company attributed the movement partly to increased capital spending on Karo and the underground project.

The US$300 million bond therefore represents a significant addition to the funding package for Karo, although Tharisa has said the proceeds are still subject to the remaining release conditions rather than being immediately available for project drawdown.

For shareholders, the London trading migration requires no action and does not affect Tharisa’s Main Market listing, LSE ticker THS, ISIN, issued share capital or the rights attached to its shares.

It also has no impact on the company’s listings and trading arrangements on the Johannesburg Stock Exchange and A2X Markets.

Tharisa said the migration is intended solely to change the trading service used for its ordinary shares in London, with the new SETS arrangement taking effect on Thursday, October 1.

Invictus Energy is moving ahead with plans for a pilot gas-to-power project at its Mukuyu discovery in northern Zimbabwe, as the company prepares to drill the Musuma-1 exploration well in November, with its 2026 annual report confirming environmental approval for pilot production activities at Cabora Bassa. Mining Zimbabwe can report.

By Ryan Chigoche

The approval removes an important regulatory hurdle as Invictus works to take Mukuyu from exploration towards development. The pilot project is expected to form the first stage of the company’s planned development of the Mukuyu Gas Field, although further appraisal, well testing and reservoir studies are still required before a larger development can proceed.

That progress follows a year of regulatory and technical work across the 80%-owned Cabora Bassa Project. Invictus executed and secured ratification of a Petroleum Production Sharing Agreement with the Government of Zimbabwe, retained National Project Status and extended its exploration licences.

The company also advanced environmental approvals covering both continued exploration and the proposed pilot gas-to-power activities, with the pilot EIA valid until January 31, 2027. Cabora Bassa covers about 360,000 hectares in northern Zimbabwe.

With the regulatory framework advancing, Invictus is now preparing for another test of the basin’s potential through Musuma-1, which is scheduled to spud in November.

The well will target a shallow prospect in the Dande Formation outside the Mukuyu Gas Field and carries a gross mean unrisked prospective resource estimate of 1.2 trillion cubic feet of gas and 73 million barrels of condensate.

Invictus has made arrangements with Exalo Drilling for the campaign and describes Musuma-1 as a relatively simple, low-cost vertical well. The resource figures are prospective estimates rather than reserves and do not guarantee a discovery or commercial production.

While Musuma-1 will test a separate part of the basin, work at Mukuyu is continuing to establish the size and commercial characteristics of the existing discovery.

Invictus says the Mukuyu structure extends across more than 200 square kilometres and contains multiple gas-bearing reservoirs in the Upper and Lower Angwa formations. Further seismic work, appraisal drilling and well testing are being used to better define the resource and inform development planning.

That appraisal work feeds directly into the company’s proposed commercialisation strategy, which starts with a relatively small pilot before any larger field development.

Invictus has an existing memorandum of understanding involving Himoinsa and Dallaglio for a pilot gas-to-power project at the Eureka Gold Mine. The company has also outlined a broader development model that could supply gas for power generation and, eventually, industrial and resources-sector users.

A separate memorandum of understanding with Mbuyu Energy provides for a potential longer-term gas-to-power development, including the possibility of supplying electricity into the regional market.

For Zimbabwe, the potential significance lies in what happens if that development pathway succeeds. Invictus is seeking to turn a domestic gas discovery into an energy source for power generation and industry, positioning Cabora Bassa as part of a broader response to energy shortages in Zimbabwe and the region.

Getting to that point, however, will require more exploration and considerably more capital.

Invictus remains a pre-production explorer and has yet to generate operating revenue from Cabora Bassa. For the year ended June 30, 2026, the company reported a net loss of A$6.54 million, compared with A$4.97 million in the previous year. Basic and diluted loss per share increased to 0.38 Australian cents from 0.30 cents.

The loss reflects the company’s current stage of development, with expenditure continuing on exploration, appraisal, technical studies, regulatory work and corporate activities while the project remains pre-production.

Despite the loss, Invictus ended the financial year with A$10.89 million in cash and cash equivalents, up from A$8.68 million a year earlier. The company also raised A$10 million through an institutional placement to support its exploration programme, including the planned Musuma-1 campaign.

Capitalised exploration and evaluation expenditure stood at A$131.42 million at year-end, compared with A$127.94 million a year earlier, reflecting the investment already made in the Cabora Bassa project.

Those figures also highlight the funding requirement ahead. While the existing cash position supports the immediate exploration programme, moving from appraisal into full gas-field development would require substantially more capital. Invictus has indicated that future development could involve debt, equity and strategic or farm-in partners.

The company’s immediate focus, therefore, remains on proving the resource and building the case for development.

Musuma-1 will test another part of the basin, while continued appraisal at Mukuyu will help determine how the existing discovery can be developed. At the same time, the pilot gas-to-power project provides a potential first market for the gas if the technical and commercial requirements are met.

For Zimbabwe, the attraction is straightforward: successful development could provide a domestic source of gas for electricity generation and potentially industrial use. But that remains a development objective rather than an established outcome.

Invictus must still demonstrate commercial gas deliverability, complete its appraisal work and secure the financing required to move into full development.

After years of exploration aimed at proving what lies beneath the Cabora Bassa Basin, the project is now moving into a phase focused increasingly on what can be produced from it and how that gas could ultimately be put to work in Zimbabwe.

Zimbabwe earned US$3.36 billion from gold exports in the first seven months of 2026, underscoring the metal’s growing importance to the country’s foreign-exchange earnings, according to Reserve Bank of Zimbabwe (RBZ) monthly economic reviews, Mining Zimbabwe can report.

By Rudairo Mapuranga

Gold generated US$493 million in January, US$461.4 million in February, US$427.1 million in March, US$394.2 million in April, US$464.3 million in May, US$583.4 million in June and US$533.9 million in July, giving a cumulative US$3.3573 billion for the period.

The figures are based on export values published by the RBZ in its monthly economic reviews.

Gold remained Zimbabwe’s leading export commodity throughout the period, although its contribution to the monthly export basket fluctuated with movements in production, international prices and the performance of other minerals.

In January, gold accounted for 50.9 percent of total merchandise export earnings, generating US$493 million from total exports of US$969.4 million.

Gold exports declined to US$461.4 million in February and US$427.1 million in March, with the RBZ attributing the March decline partly to lower gold output during the wet season and softer international prices.

The decline continued into April, when gold exports fell to US$394.2 million, representing 49.7 percent of the country’s US$792.3 million merchandise export bill. The RBZ linked the decline partly to lower international gold prices.

Gold earnings recovered in May, rising to US$464.3 million, before climbing sharply to US$583.4 million in June, the strongest monthly performance during the first seven months. The RBZ said June’s increase was driven primarily by higher gold and platinum group metals exports, with gold production also improving during the month.

July remained strong despite an 8.5 percent month-on-month decline from June. Gold exports stood at US$533.9 million, accounting for 36.3 percent of total merchandise exports, which reached US$1.4698 billion.

The July figure also meant gold remained Zimbabwe’s largest individual export commodity, ahead of other mineral substances, which contributed 21.7 percent, and PGMs at 15.9 percent.

The sustained value of gold exports comes as the country’s mining sector continues to depend heavily on gold production from both large-scale and small-scale producers.

For the mining industry, the export earnings highlight the financial significance of maintaining production levels as international gold prices remain elevated.

The RBZ’s monthly data also show that the value of gold exports has been influenced by both production and international prices. Gold averaged US$4,763.07 per ounce in January, while the international average stood at US$4,070.88 per ounce in July.

With US$3.36 billion already earned from gold exports by the end of July, the performance places the precious metal firmly at the centre of Zimbabwe’s export earnings and underscores the importance of continued investment in exploration, production, processing and formal gold marketing.

ZAWIMA Patron and Mining Affairs Board member Blessing Hungwe has urged the association’s newly elected leadership, led by Chairperson Melody Juma, to put the interests of marginalised women miners at the centre of its work.

Hungwe-Nharara congratulated Juma and her new executive following their election, calling for a servant leadership approach that prioritises the women the association represents.

“Congratulations to Melody,” Hungwe-Nharara said. “Leaders must eat last. They must always act in the best interests of marginalised women in mining.

“Leaders must be open-minded to accommodate different views from the women miners they serve, including stakeholders.”

Her message places particular emphasis on leadership that remains responsive to women miners across the country, including those operating at small and artisanal mining level.

Juma, a ZAWIMA co-founder and Secretary for Masvingo at the Zimbabwe Miners Federation (ZMF), was elected Chairperson alongside a new executive that includes Vice Chairperson Nomuhle Ncube of Matabeleland North, Secretary Sophia Takuva of Midlands and Treasurer Pamela Mutembwa.

Accepting the position, Juma said her election represented a collective responsibility rather than an individual achievement.

“From being a Co-Founder to now leading this movement, this journey has always been about one thing: making sure no woman in mining stands alone,” Juma said.

“This is not my achievement. It is ours. Let’s build a ZAWIMA that is united, progressive and impactful.”

Juma said the new leadership would focus on improving women miners’ access to resources, formalisation opportunities, markets, training and greater visibility across the mining sector.

The priorities come as women continue to seek greater participation across Zimbabwe’s mining value chain, where access to finance, mining claims, equipment, markets and technical support remains important to the growth of women-owned and women-led mining operations.

Juma also called for members to work collectively as the association begins its new term.

“Let’s work together. Let’s win together. ZAWIMA is rising,” she said.

Hungwe-Nharara’s call for servant leadership therefore comes as the new executive begins its mandate, with the Patron urging the leadership to remain accountable to the women miners it represents and open to views from members and stakeholders.

Tharisa Plc has placed the net proceeds of its US$300 million bond in escrow after satisfying a major condition required for settlement, bringing its Karo Platinum Project in Zimbabwe closer to accessing the capital needed to complete construction, Mining Zimbabwe can report.

By Ryan Chigoche

The five-year senior secured Nordic bond, issued through its wholly owned subsidiary Arxo Finance Plc, was priced at 98% of principal with an 11% semi-annual coupon and was oversubscribed when launched on September 11.

The proceeds will be released to Tharisa once the remaining applicable conditions are fulfilled and are earmarked for the completion of Karo, with first ore to the mill targeted for the fourth quarter of 2027.

Karo has an estimated development cost of about US$545 million, with Tharisa having invested about US$241 million before securing the latest financing. The bond therefore covers a substantial portion of the remaining capital requirement as the project moves towards construction.

The financing follows a series of milestones that have strengthened Karo’s commercial and regulatory position since development began in 2022.

Tharisa secured a 25-year Special Mining Lease Agreement with the Zimbabwean government in August, covering about 23,903 hectares on the Great Dyke. The company also signed a five-year concentrate offtake agreement with Valterra Platinum, providing a long-term route to market for Karo’s future PGM production.

The latest funding follows those agreements and moves Tharisa closer to closing the project’s financing requirements. DNB Carnegie and HSBC acted as joint bookrunners on the bond offering, which attracted strong institutional demand.

The remaining release conditions are now the immediate step before Tharisa can access the capital for project spending.

“Reaching this milestone brings us a decisive step closer to fully funding Karo Platinum,” Tharisa Chief Executive Officer Phoevos Pouroulis said.

“Escrowing these proceeds reflects the discipline and confidence with which our lenders and investors have backed this project, and we now turn our full attention to the remaining conditions ahead of project drawdown,” he said.

Once released, the funds will support continued development and construction as Tharisa works towards first ore in the fourth quarter of 2027.

Karo is being developed as a Tier 1 open-pit PGM operation on Zimbabwe’s Great Dyke, with the first phase designed to produce about 226,000 ounces of PGMs a year. Tharisa has said the project is expected to more than double its PGM production once operational.

The project would add another large-scale PGM operation to Zimbabwe’s Great Dyke, alongside Zimplats, Unki and Mimosa, expanding the country’s platinum-group metals production base.

For Tharisa, Karo is central to its strategy of expanding its PGM business while building on its existing chrome and PGM operations in South Africa.

The project has taken longer to reach this stage than initially envisaged, with development affected by weaker PGM prices and the need to secure its long-term fiscal and commercial framework.

With the major financing condition now satisfied, Tharisa’s focus shifts to the remaining requirements and project drawdown as it works towards bringing Karo into production in 2027.

Sinomine Bikita Minerals expects to have invested more than US$900 million in direct mineral beneficiation projects at its Zimbabwean lithium operation by the end of 2027, as the company pushes ahead with a lithium sulphate plant, tantalite extraction and processing expansion, Mining Zimbabwe can report.

By Rudairo Mapuranga

Sinomine Bikita Minerals Deputy General Manager Thomas Mufumi said the company expects direct beneficiation investment to reach US$383 million by the end of 2026, before rising to more than US$900 million by the end of 2027 as projects currently under development are completed.

“By the year-end of 2027, with the completion of the projects that are currently a work in progress, Sinomine would have invested in excess of US$900 million into direct beneficiation here in Zimbabwe at Bikita Minerals,” Mufumi said.

The investment follows Sinomine’s acquisition of Bikita Minerals in 2022, which Mufumi said transformed the operation from a small-to-medium-scale mine into a large-scale mining and processing operation.

Bikita’s mining history dates back to 1910, when the deposit was first discovered and became known as the Bikita Tin Field because of the tin deposits identified in the area.

Mufumi said lithium-bearing minerals were subsequently identified, with lithium production beginning in the 1950s and continuing through to the Sinomine acquisition.

Following the acquisition, Sinomine undertook further exploration, with Mufumi saying the company now has a 130-million-tonne lithium resource projected to support a mine life of more than 15 years.

The Bikita orebody contains a range of lithium-bearing and other minerals, including petalite, spodumene, lepidolite, amblygonite, eucryptite and tantalite, as well as the caesium-bearing mineral pollucite.

The company’s current production capacity includes 360,000 tonnes of spodumene concentrate annually, 230,000 tonnes of petalite, 6,900 tonnes of pollucite and more than 144 tonnes of tantalite under Phase One.

Mufumi said spodumene concentrate averages 5.5% lithium oxide, while petalite grades range between 3.5% and 4.4%, depending on customer specifications.

Tantalite concentrates have an average tantalite oxide grade of 21%, with niobium oxide content ranging between 7% and 12%, averaging 9%. Caesium concentrates range from 2% to 11% caesium oxide.

The scale of the operation has also increased significantly since the Sinomine acquisition.

Mufumi said Bikita Minerals had 320 employees at the time of the acquisition, compared with 1,407 direct employees currently. Including workers employed through contractors, the operation supports more than 2,000 local Zimbabwean jobs.

The company exported 300,000 tonnes of spodumene, 2,311 tonnes of pollucite and 15,620 tonnes of tantalite concentrates in 2025, according to Mufumi.

He said the investment was continuing despite volatility in the lithium market, which reached a price peak in 2023 before experiencing subsequent fluctuations.

“The market itself has not yet matured, but the investment, regardless, continues,” Mufumi said.

US$400 Million Lithium Sulphate Project

The largest project currently under development is a lithium sulphate plant with an investment of US$400 million.

Mufumi said the project is expected to be completed and commissioned in July 2027.

The company is also developing Phase Two of its tantalite extraction project, which is expected to be completed by March 2027.

Another project involves expanding the spodumene flotation fleet’s processing capacity from two million tonnes to 3.3 million tonnes, with completion expected in the second quarter of 2027.

Bikita is also developing a 30MW coal-fired power generation plant, expected to be completed between the second and third quarters of 2027.

The power project is intended to augment electricity supplies to the operation, following the company’s investment in a 132kV electricity supply system and a 20MW solar power plant.

Mufumi said the company invested US$20 million in the 132kV electrical power supply, while a further US$2 million was committed to supporting rural electrification linking communities in Bikita, Zaka and Gutu.

Beyond the processing and energy projects, Bikita Minerals has invested in roads, schools, clinics, staff housing and transport infrastructure.

Mufumi said the company’s processing strategy was designed to recover value from multiple mineral streams rather than discard potentially valuable material.

The operation has separate processing streams for petalite, spodumene and pollucite, while additional processing is used to recover tantalite, niobium and caesium concentrates.

He said research and development at the mine was also focused on recovering value from minerals contained in waste streams.

The expansion comes as Zimbabwe seeks to increase domestic mineral beneficiation and capture more value from its lithium and other critical mineral resources before export.

Mufumi said the investments were aligned with the Government’s value addition agenda while creating employment and increasing the value generated from the country’s mineral resources.