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Karo Mining Seeks Bondholder Nod for Debt Restructuring

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Victoria Falls Stock Exchange-listed emerging platinum group metals (PGM) producer Karo Mining Holdings has called upon its bondholders to approve three critical amendments to its existing bond terms, seeking an extension of the debt tenure, an increased coupon rate, and modifications to early redemption conditions, Mining Zimbabwe can report.

By Rudairo Mapuranga

In a circular to bondholders dated 16 October 2025, the company announced an Extraordinary General Meeting scheduled for 07 November 2025, where investors will decide on the proposed changes to the US$36.8 million bond initially issued in 2022.

The company is seeking to extend the bond’s maturity date by three years to 01 December 2028, aligning the debt repayment schedule with the extended development timeline of its Karo Platinum Project, located on the Great Dyke.

In recognition of the longer investment horizon and increased cost of funding in the country, Karo has proposed raising the annual interest rate on the notes to 11.0 per cent, up from the current 9.5 per cent. This adjustment is designed to compensate bondholders for the extended tenure of their investment.

The third significant amendment involves revising the “make-whole” provision governing early redemption. If approved, the company would only be required to repay the principal amount plus accrued interest up to the redemption date, rather than the full interest that would have been earned had the bond reached its original maturity.

The project’s major shareholder and guarantor, Tharisa plc, has committed to extending its financial backing for the new three-year period, subject to an annual guarantee fee of 2.6 per cent, effective from December 2025.

In a development that significantly boosts the proposal’s prospects, Arxo Finance plc, an associate of the issuer holding 27 per cent of the bond issue valued at US$10.0 million, has formally undertaken to vote in favour of the resolutions.

The virtual meeting, to be conducted electronically, will require bondholders to return completed proxy forms by 05 November 2025 if they are unable to attend the proceedings. The proposed changes reflect Karo’s strategic approach to aligning its financial obligations with the long-term development requirements of what is considered a tier-one PGM asset.

Approval of these amendments would provide the emerging miner with crucial financial flexibility as it advances the development of its mining operations in Mhondoro-Ngezi, situated approximately 80 kilometres southwest of Harare.

Gold Peaks at $4,014 per ounce/ US$129.03 per gram

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The latest gold trading prices reveal consistent returns for miners delivering high-purity gold, while fire assay remains the most lucrative option.

According to the latest rates, gold with a specific gravity (SG) of 90% and above is trading at US$128.35 per gram, translating to US$3,991.33 per ounce. Slightly lower grades, such as SG 85–90%, are priced at US$126.99/g (US$3,949.03/oz), while SG 80–85% gold stands at US$125.64/g (US$3,906.98/oz).

Gold with SG 75–80% purity trades at US$124.28/g (US$3,864.55/oz), and smaller sample deliveries between 5g and 10g fetch US$122.24/g (US$3,801.38/oz).

The Fire Assay Cash price remains the highest at US$129.03 per gram, equating to US$4,014.04 per ounce.

These prices reflect continued investor confidence in Zimbabwe’s small-scale and artisanal gold sector, which remains a vital contributor to the nation’s mineral exports. As global gold demand stays firm amid economic uncertainty, the domestic market continues to reward high-grade producers with competitive returns.

Gold buying prices in Zimbabwe per gram/ ounce, 18 October 2025

Gold buying prices in Zimbabwe per gram/ ounce, 18 October 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

1 oz = 31.1035 g

CategoryPrice ($/g)Price ($/oz)
SG 90% and ABOVE128.353,991.33
SG 85% and above but below 90%126.993,949.03
SG 80% and above but below 85%125.643,906.98
SG 75% and above but below 80%124.283,864.55
Sample 5g and above but below 10g122.243,801.38
Fire Assay CASH129.034,014.04

 

NB: Fire Assay cash price is for gold above 100g, no sample is deducted.

A sample of not more than 10g is deducted for the Fire Assay Transfer price.

ZDAMWU Calls for Stricter Enforcement of Labour Laws at Chinese-Run Mines

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The Zimbabwe Diamond and Allied Minerals Workers Union (ZDAMWU) has intensified calls for stricter enforcement of labour laws in Chinese-operated mines, citing persistent mistreatment and unsafe working conditions, Mining Zimbabwe can report.

By Ryan Chigoche

The union’s concerns were heightened by a recent fatal shooting of a suspected robber at a Chinese-run mine in Mutoko, an incident that has reignited debate over worker safety and security practices by foreign operators.

This is not an isolated case—over the past few years, ZDAMWU has documented multiple disputes between Chinese-owned mines and local workers, including allegations of unpaid wages, excessive working hours, unsafe underground conditions, and intimidation of employees who raise grievances.

ZDAMWU General Secretary Justice Chinhema stressed that respect for Zimbabwean labour laws is non-negotiable and must be backed by practical enforcement.

“We demand the immediate convening of engagement meetings with the Chinese Embassy and all Chinese mining companies operating in Zimbabwe,” he said. “These meetings must be inclusive and transparent, giving workers and communities a platform to voice their concerns.”

Chinhema also called for mandatory training programmes for Chinese workers on Zimbabwe’s labour laws. “Education is vital to foster mutual understanding and respect, and to prevent exploitation or misunderstanding,” he added.

Chinhema reaffirmed ZDAMWU’s commitment to collaboration while insisting on accountability. “Our workers and communities deserve full respect for the law, fair treatment, and a seat at the table. Immediate action is non-negotiable to build a mining industry that is safe and prosperous for all Zimbabweans.”

ZDAMWU’s advocacy underscores the union’s critical role as a watchdog in Zimbabwe’s mining sector, pressing both government and foreign operators to uphold labour standards and protect workers’ dignity.

Academia at the Heart of ESG Advancement in Zimbabwe’s Mining Sector: Gwaze

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Environmental, Social, and Governance (ESG) principles have become central to modern mining. Today, mining companies are expected not only to deliver financial returns but also to demonstrate responsibility toward the environment, communities and governance, Mining Zimbabwe can report.

By Ryan Chigoche

In Zimbabwe, this shift is reshaping the way the industry approaches sustainability, compliance, and long-term value creation, making ESG a critical component of business strategy.

In this evolving landscape, academia is emerging as a key enabler. Edwin Gwaze, Principal of the Zimbabwe School of Mines (ZSM), in a panel discussion, explained that educational institutions act as neutral facilitators, connecting mining companies, regulators, government, and communities.

Through fostering a shared understanding of ESG policies and legal frameworks, academia ensures that all stakeholders are aligned and able to work collaboratively toward sustainable outcomes.

Building on this coordinating role, Gwaze emphasised that it is critical for academia to receive financial support.

“Funding for ESG-focused training, alignment of curricula with global standards, and awareness programs for small-scale miners are all essential to strengthening the sector’s capacity. We also emphasise the importance of gender sensitivity and deliberate policy development to ensure that ESG practices are inclusive and comprehensive,” he said.

To ensure these principles are applied with rigour, ZSM has pursued ISO 9001 certification for its management system and is working toward ISO 17025 for its analytical laboratories.

These certifications reinforce the institution’s commitment to high standards in both education and practical application, ensuring graduates are prepared to meet the demands of a responsible mining industry.

“As we train the next generation of mining professionals,” Gwaze concluded, “our goal is to ensure they understand ESG and can apply it in practice. Academia is a neutral platform that can link industry, regulators, and communities while creating knowledge and innovation for sustainable mining.”

The practical dimension of academia’s role is equally important. ESG principles are embedded across ZSM’s programs, including responsible mining and occupational health and safety.

A particularly impactful initiative is the experimental model mine at ZSM, designed to give students hands-on experience in implementing ESG and responsible mining practices. This approach bridges theory and practice, ensuring graduates are equipped to apply ESG standards effectively once they enter the industry.

Through research, education, and dialogue, academia is proving to be a critical driver of ESG in Zimbabwe’s mining sector.

By equipping future leaders with the skills, knowledge, and practical experience to embed sustainable practices, educational institutions can shape a responsible, innovative, and globally competitive mining industry.

Platinum Prices Surge 80% Since April as Zimbabwe Stands to Gain

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Platinum has reclaimed the spotlight after years in the shadows of lithium and copper. Prices have surged 80% since April 2025, climbing above US$1,650 per ounce — their highest level in more than a decade, Mining Zimbabwe reports.

By Ryan Chigoche

The rally is more than market excitement. Global industries are increasingly relying on hydrogen technologies, fuel cells, and cleaner automotive catalysts, driving renewed demand and underscoring platinum’s role as a key metal in the green energy transition.

Analysts estimate a 700,000-ounce global deficit in 2025 — the largest since 2014 — reflecting structural underinvestment and tight supply that could persist through 2029.

South Africa remains the world’s platinum heavyweight, producing nearly 70% of global supply. Yet chronic power shortages and ageing infrastructure are constraining output just as demand accelerates. That has turned attention to Zimbabwe, where rising prices and policy reforms are creating opportunities for growth.

Stretching across the centre of the country, Zimbabwe’s Great Dyke hosts the second-largest PGM resource globally.

Local miners are acting on the recovery: Zimplats has resumed execution of a US$1.8 billion expansion, boosting smelting and refining capacity. Additionally, the company has invested in a fleet upgrade to increase production.

Mimosa continues steady, high-grade production; Karo Platinum, under Tharisa PLC, is advancing a low-cost open-pit operation; and Darwendale (Kuvimba Mining House) has been restructured into a leaner, more efficient model. These developments highlight Zimbabwe’s emergence as a quiet disruptor in the regional platinum market.

Policy reforms reinforce this momentum. The government now levies a 5% charge on unbeneficiated PGM exports and collects part of royalties in refined metal — measures designed to encourage local beneficiation and improve fiscal resilience.

Yet even as prices soar, operational challenges persist. Since January 2025, platinum miners have faced delays in receiving local currency payments for 30% of export proceeds surrendered to the Reserve Bank under foreign currency retention rules.

According to the Chamber of Mines, PGM miners are owed millions of dollars, creating liquidity pressure across the sector. With PGM exports valued at roughly US$690 million in the first half of 2025, the delayed portion highlights the scale of strain on local operations — from supplier payments to project financing.

Despite these hurdles, Zimbabwe’s platinum sector remains optimistic. Rising global prices, expanding operations, and supportive policy reforms position the country to benefit from platinum’s recovery. The 80% price surge since April is more than a temporary spike — it signals a potentially enduring upswing and underscores Zimbabwe’s growing significance in the platinum story.

From Blanket to Bilboes: Caledonia Targets 300,000 Ounces Annually by 2035

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Caledonia Mining Corporation is quietly shaping one of Zimbabwe’s most compelling gold stories. From the historic Blanket Mine, once nearing closure, to the Bilboes project, the company is positioning itself as a future mid-tier producer, with a stated target of reaching 300,000 ounces of gold annually within the next decade, Mining Zimbabwe reports.

By Ryan Chigoche

Speaking at a recent media briefing, Chief Executive Officer Mark Learmonth said the next chapter in Caledonia’s evolution rests on a “platform for growth” extending far beyond Blanket’s current production life.

“When we invested heavily in the Central Shaft, we weren’t just extending Blanket’s life; we were securing the foundation for our future operations, including Bilboes,” he said.

Over the past decade, Caledonia transformed Blanket from an ageing, near-exhausted mine into a modern underground operation producing between 75,000 and 80,000 ounces of gold annually.

The US$67 million Central Shaft project, completed in 2021, extended the mine’s life by more than a decade and reinforced the company’s commitment to long-term investment in Zimbabwe.

“Today, we’re around US$700 million, up from a capitalisation of just US$3 million in 2008. Over the next ten years, I’d be disappointed if we don’t grow production from 80,000 to 300,000 ounces,” Learmonth said.

The statement signals the company’s ambition and sets the stage for Bilboes, a large-scale development expected to transform Caledonia’s production profile.

Acquired in 2023 for about US$65 million, Bilboes represents a defining step in Caledonia’s evolution, with measured and indicated resources of about 2.5 million ounces at an average grade of 2.2 grams per tonne.

Learmonth described it as “big and high grade” and stressed its strategic importance: “Bilboes is exactly the kind of development project that anywhere else in the world everybody would be wanting to develop. For us, doing it here in Zimbabwe, in a new Zimbabwe, is an absolutely fantastic story and an exciting opportunity for all.”

The project, located north of Bulawayo, is expected to become Caledonia’s flagship asset.

The company envisions it as the key to achieving multi-asset, mid-tier producer status, with production potentially exceeding 200,000 ounces per year across its portfolio.

This aligns with Caledonia’s strategy of expanding organically while maintaining operational control and disciplined capital deployment.

Chief Operating Officer James Mufara, who previously worked with Harmony Gold in South Africa, said his experience managing large, power-intensive operations gave him confidence in addressing Zimbabwe’s infrastructural challenges.

“There are clear similarities between the Free State and Zimbabwe, especially when it comes to electricity supply,” he said. “But these are challenges I’ve dealt with before. For me, this is a natural, seamless transition.”

Between 2015 and 2020, Caledonia was focused solely on Blanket. By 2021, the company had begun assembling a pipeline that now includes Bilboes, Maligreen, and early-stage exploration prospects such as Motapa.

Each stage of expansion has been financed through a combination of retained earnings and shareholder value creation, rewarding investors handsomely.

According to Learmonth, Caledonia has delivered a 1,000 per cent total shareholder return over the past decade—tenfold growth that far outpaces both the gold price and comparable junior producer indices.

“When I joined in 2008, Caledonia was capitalised at about US$3 million. Today, we’re around US$700 million. Over the next ten years, I’d be disappointed if we don’t grow production from 80,000 to 300,000 ounces,” he said.

As Caledonia prepares to enter its next phase, its story illustrates more than corporate ambition—it signals the maturation of Zimbabwe’s gold industry.

The company’s disciplined strategy, infrastructure investments, and ability to attract experienced professionals suggest a model for how mining companies can thrive despite the country’s historic challenges.

For Caledonia, the journey from Blanket to Bilboes is not just about ounces or output—it’s about endurance, reinvention, and redefining what’s possible in Zimbabwe’s gold sector.

Government Lauds Arcadia’s Lithium Sulphate Plant as Cornerstone of National Value-Addition Strategy

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In a landmark visit to the Arcadia Lithium Mine, the Minister of Mines and Mining Development, Honourable Winston Chitando, officially commended the operation for its pioneering lithium sulphate plant, hailing it as a direct result of the government’s strategic policy to transform Zimbabwe into a key player in the global battery supply chain, Mining Zimbabwe can report.

By Rudairo Mapuranga

The ministerial tour of the facility, operated by Prospect Lithium Zimbabwe (PLZ), a subsidiary of Chinese giant Huayou Cobalt, showcased the advanced stages of the US$400 million processing plant—the first of its kind in Africa and only the third globally. Minister Chitando positioned the project as the physical manifestation of the nation’s economic ambitions.

“This mine here is a direct product of Zimbabwe’s ‘Open for Business’ mantra and also a major step in the achievement of the 2030 development vision,” stated Minister Chitando during the tour. “What we see here are the fruits of that policy, where we move from extraction and processing all the way to a material going straight into the battery-making phase.”

The Arcadia project is a central pillar in Zimbabwe’s concerted push to move beyond raw material extraction and capture greater value from its mineral resources. This strategy was cemented by the government’s announcement of a ban on all lithium concentrate exports, effective January 2027.

Minister Chitando explicitly connected the plant’s development to this policy, noting that the new capacity makes the export ban feasible. “Because of the processing capacity which is now in the country, the export of all lithium concentrates will be banned from January 2027,” the Minister confirmed, underscoring the government’s commitment to compelling producers to refine domestically.

The Arcadia plant is strategically ahead of this curve. When fully operational, it is designed to transform spodumene concentrate into 50,000 tonnes of battery-grade lithium sulphate annually—a critical precursor chemical for the lithium-ion batteries that power electric vehicles and renewable energy storage systems worldwide.

The investment at Arcadia is a cornerstone of Zimbabwe’s mining sector, which holds the largest lithium reserves in Africa, estimated at 480,000 metric tonnes. The project has rapidly progressed from construction to production, with the first batch of lithium sulphate expected by early 2026.

The economic implications are already being felt locally. The plant’s construction has created numerous employment opportunities for residents of Goromonzi District, with further hiring expected upon its operational launch. Beyond capital investment, the mine has undertaken significant infrastructure projects, including the construction and tarring of several kilometres of road, which has improved connectivity and is set to enhance the district’s attractiveness to more investors.

Henry Zhu, Managing Director of Arcadia Technology Zimbabwe (ATZ), framed the investment as a game-changer. “Not only has this plant created jobs and stimulated local economic activity, but it also showcases Zimbabwe’s potential as a major player in the global lithium market,” Zhu stated.

The project’s significance extends beyond national borders. Parent company Huayou Cobalt’s recent accession to China’s prestigious Green and Low-Carbon Advanced Technology Innovation Platform directly links Zimbabwe’s lithium output to the highest international environmental and technological standards. This ensures that the lithium sulphate produced at Arcadia is destined for the world’s leading electric vehicle manufacturers, embedding Zimbabwe within a global vision for cleaner energy and responsible mineral extraction.

The Arcadia mine solidifies its status as a benchmark for foreign direct investment in Zimbabwe’s mining sector. As Minister Chitando concluded, the project is a testament to a policy where the government “attracts capital and also has all the players undertake value addition.”

With the 2027 export ban looming, the Arcadia lithium sulphate plant stands as a leading example of the industrial transformation Zimbabwe is striving to achieve, positioning the nation not just as a source of raw materials but as an emerging architect of the world’s low-carbon future.

The Bus Left Me, But the Journey Revealed Lithium’s Hidden Ripples in Goromonzi

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They said the mine offered no benefits. But from a crammed taxi to a vendor’s second stall, I discovered an economy transforming not by handout, but by heartbeat.

By Rudairo Mapuranga

The dust from the official bus was the first insult.

I stood there, on the hot tarmac of Ruwa, watching the taillights of the mine’s press transport vanish into a shimmering haze. It was a clean, air-conditioned capsule carrying my colleagues towards the sanitised spectacle of a ministerial visit to the Arcadia Lithium Mine. Honourable Winston Chitando would be bust touring the Mine. Photographs would be taken. Speeches would be made. And I was late.

A cocktail of panic and professional despair curdled in my stomach. This was the story — the official narrative of investment, progress, and national potential — and I was about to miss it. But as the dust settled, a colder, more compelling thought emerged: what if the real story wasn’t at the mine at all? What if it was in the spaces in between?

So, I made a decision that would define my day. I turned my back on the main road, hoisted my bag, and stuck out a thumb. I would hitchhike to the future. I would travel to Arcadia not as a shielded journalist on a corporate bus, but as a passenger in the rattling belly of the very community the mine was meant to transform.

My first chariot was a battered white Toyota Hiace, its suspension sighing with the weight of too many lives. The kombi to Goromonzi was a mobile confessional, a tin can of swirling opinions and the thick scent of sweat and hope. I squeezed in between a woman clutching a live chicken and a man whose eyes held the tired wisdom of the land.

“The mine?” I ventured, my voice competing with the engine’s groan. The initial response was a chorus of dismissive grunts — a symphony of “Hazvina betsero” – “It’s of no benefit.”

An elderly man in a frayed jacket fixed me with a stare. “They dig up the white gold, ship it to China, and what do we see? Dust. More dust. And the promises that blow away with it.”

It was the expected refrain — the headline everyone knows by heart. But headlines rarely tell the whole story. I turned to the man in the most powerful seat in Zimbabwe — the kombi driver. His name was Tinashe, his knuckles white on the gearstick.

“And you, brother? Has the dust brought you anything?”

He laughed, a short, sharp bark. “What can the mine do for me? I fight this steering wheel every day.”

But I pressed. “Before the mine, this route… was it like this?”

A flicker of something crossed his face. A crack in the wall of cynicism. He downshifted, the van lurching. “This road,” he said, gesturing to the pothole-riddled track, “was a bone-shaker. A car-breaker. The mine brought their graders. They patched the worst parts. Not for us, for their trucks. But my tyres last longer now.”

He paused, as if admitting a secret. “And the people… before, I would make this trip half-full. A loss. Now?” He gestured with his chin at the packed van. “Now, every trip is full. People going to the mine, people selling to people who work at the mine. Last year, I bought a second kombi. My younger brother drives it. His wife no longer nags him about being a burden.”

The statement landed with the weight of a revelation. Two families fed. Two homes stabilised. Not from a direct job, not from a corporate handout, but from the simple, inexorable mathematics of increased economic activity. The first ripple.

Majuru Growth Point: The Calculus of a Second Restaurant

At Majuru Growth Point, the air was thick with the smell of frying kapenta and the buzz of commerce. I found a group of women vendors, their wares spread on colourful cloths. I was the city man with the notebook, and they were ready with their grievances.

“The Chinese eat their own food from their own kitchen,” one said, her arms crossed. “They don’t buy our tomatoes. What benefit?”

It was the same song, second verse. I zeroed in on a woman, her face etched with the resilience of a life spent hustling. She ran a small, makeshift restaurant, a pot of sadza steaming over a charcoal burner.

“Sister,” I began, “your restaurant here… is business the same as before the mine?”

She shrugged. “It comes and goes.”

“Have you tried to take your business closer to the source of the hunger?”

For the first time, her defensive posture softened. She looked away, towards the distant, unseen mine. A slow smile touched her lips. “I have a second place,” she confessed, her voice dropping. “Near the main gate. For the workers, the security, the drivers. The sadza there… it finishes fast. It is… better.”

“Better” is a relative term. But in the lexicon of survival, “better” can mean school fees paid. It can mean a new roof. It can mean a future that isn’t a daily struggle. She hadn’t received a benefit; she had seized an opportunity created by the mine’s gravitational pull. The mine didn’t give her a business; it gave her a market. The second ripple.

The final leg of the pilgrimage required a different kind of faith. It was a black Toyota Wish, a car designed for seven souls but now a steel womb carrying ten. I was the last to squeeze in, my spine wedged against the door frame, my knees kissing the seat in front. The air was a solid thing, thick with breath and the shared, unspoken acceptance of collective discomfort. This was the true artery to the lithium dream: overburdened, hot, and moving forward out of sheer necessity.

The driver, a young man with intense eyes and a grip on the wheel that promised he knew every inch of the road’s treachery, introduced himself as Blessing. The name felt like a prayer.

He wrestled the overloaded car, its suspension groaning in protest as we plunged into craters that felt like geological events. Each jolt was a communal experience, a sharp intake of ten breaths.

“And this road,” I managed to grunt, my voice vibrating with the car’s shudder, “surely it is your enemy?”

“Today, yes,” Blessing said, his focus never wavering from the battle ahead. “But look. Just there.” He risked a quick point through the dusty windshield. Ahead, a phalanx of graders and workers was a hive of activity, laying the black ribbon of a new, tarred road right alongside our punishing path. “They are building the future. The company. When that is finished, this… this suffering will end. My car will become a car again, not a patient in a mechanic’s ward. The trip will be twenty minutes, not one hour. I will use less fuel. I can lower my price for the people.”

He then offered the final, unassailable truth, his voice cutting through the grumbles of the other passengers. “But let me be clear. Before the mine, this road led to fields and a few scattered homesteads. I would never have come out here. There was no ‘blessing’ on this route. There was no reason. Now, it leads to a place where money changes hands. Where people are. That is why I bought this car.”

His business — this overloaded Toyota Wish groaning with human cargo — was born from the mine’s existence. His entire livelihood was a direct consequence of the lithium buried in the hills. Yet, in the discomfort of the moment, his initial complaint, like all of ours, was about the state of the road. The disconnect was staggering — a testament to how the most profound changes are often felt before they are understood.

When I finally spilt out of Blessing’s Toyota Wish at the gates of Arcadia, my body aching, my clothes dust-powdered, the ministerial circus was in full swing. The suits were pristine, the speeches echoed with words like “value addition” and “economic empowerment.” I looked at the polished presentations and then back down the brutal, soon-to-be-tarred road I had just travelled.

My observations were no longer just observations; they were convictions forged in the heat and press of that overcrowded taxi. The most profound story of Arcadia is not the lithium itself. It is the second kombi. It is the second restaurant. It is the overloaded Toyota Wish that represents a new route, a new livelihood, where none existed before. It is the slow, deliberate tarring of a road that connects an isolated community to the bloodstream of the national economy.

These are the ripples. They are quiet, easily dismissed by the loud drumbeat of legitimate grievances about direct employment and corporate social responsibility. The people living them often don’t even name the source — feeling the current but not seeing the stone that dropped into their pond.

The official bus I missed was a metaphor. It was the fast, comfortable, direct route to the official story. My journey — the one of cramped bodies, shared discomfort, and probing questions in a black Toyota Wish — was the path to the human story. It is a story not of grand benefaction, but of slow, organic, and often unrecognised growth — a growth so real you have to cram ten people into a seven-seater to truly feel its weight.

As other mines follow this infrastructural lead, the lesson is clear: the true, lasting benefit of Zimbabwe’s mineral wealth may not be measured solely in tonnes exported or direct taxes paid, but in the countless, quiet victories of a second kombi, a second restaurant, and a road that no longer leads to nowhere, but to a future, however slowly, being built.

Tharisa Sets Sights on Higher Platinum Output Amid Soaring Prices

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Tharisa has outlined ambitious growth plans for its Platinum Group Metals (PGM) production at a time when platinum prices have climbed to their highest levels in over a decade, Mining Zimbabwe reports.

By Ryan Chigoche

In its fourth-quarter and full-year production update released Tuesday, CEO Phoevos Pouroulis announced that Tharisa is targeting between 145,000 and 165,000 ounces of PGMs in 2026, up from 138,300 ounces produced this year (2024: 145,100 ounces).

The company last achieved similar levels in the 2022 financial year, with platinum accounting for roughly 49.8% of total PGM output.

Production in 2025 was hampered by pit remediation activities, but performance improved toward year-end.

Fourth-quarter PGM output rose 19.7% to 41,300 ounces, compared to 34,500 ounces in the previous quarter — a sign that mining conditions are stabilising.

The recovery coincided with a dramatic rally in platinum prices, which have surged 85% year-to-date. Tharisa reported an 18.6% increase in its average annual PGM basket price, reaching $1,615 per ounce, with a 24.1% rise recorded in the final quarter.

“The PGM market, and platinum in particular, has been one of the standout performers in 2025,” Tharisa said. “Persistent supply deficits, constrained output, and tightening inventories continue to provide strong support.”

Currently, platinum is trading around $1,639.90/oz, its highest level since 2013. Analysts expect further upside.

René Hochreiter of Noah Capital forecast a potential climb to $2,000/oz, citing a 17% supply deficit and sustained demand across the jewellery, industrial, and investment sectors.

While rising PGM prices offer strong support, Tharisa’s chrome division faces headwinds.

The company projects chrome concentrate output of between 1.5 and 1.65 million tonnes in 2026, compared to 1.56Mt this year, but prices dropped 11% to an average of $266 per tonne (2024: $299/t).

Peel Hunt, Tharisa’s nominated adviser, noted that FY2026 chrome guidance is 17% below its forecasts but said “the impact of higher PGM prices should more than compensate for the weaker chrome market.”

Earlier this month, Tharisa announced a $547 million, 10-year capital investment plan to transition its North West Province operations from open-pit to underground mining. Once both targeted reefs are operational, platinum’s share of Tharisa’s total production is expected to rise to 55%.

Tharisa’s stock has gained 47% year-to-date, valuing the company at just over R7 billion.