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Tharisa Plc has taken a decisive step toward advancing its long-delayed Karo Platinum Mine in Zimbabwe after awarding a key mining contract to Spanish engineering firm EPSA, effectively anchoring the US$499 million development as it moves toward construction and production, Mining Zimbabwe can report.
By Ryan Chigoche
EPSA is expected to mobilise to site this month following completion of the contracting process. Initial activities, including site establishment and workforce onboarding, are already underway.
Assembly of mining equipment is scheduled for January and February 2026, while waste stripping is expected to begin in the first quarter of 2026, marking the transition from preparatory work to active mine development.
The project, located on the Great Dyke, is now targeting first mining in 2027, with financial close expected to be achieved during 2026.
Development of the Karo project had previously stalled after a prolonged downturn in global platinum prices weakened project economics, forcing the company to slow execution and miss an earlier 2024 completion target.
Market conditions improved sharply in 2025, with platinum prices rebounding by about 45%, significantly strengthening the project’s funding outlook.
Karo says the recovery in basket prices has improved projected debt capacity and overall fundability, helping restore confidence among investors and lenders across the platinum group metals sector.
Construction activity on site continues to gain momentum. Progress is being recorded on critical infrastructure, including water and power supply, while milling equipment has already been installed, indicating the project has moved beyond early-stage development.
At the concentrator, civil works are ongoing across several areas of the site. Long-lead equipment has been delivered, and installation is underway.
The Chirundazi Dam, which will supply water to the mine, is currently 27% complete and is expected to be finished by June 2026. Structural steel works at the mill building are at an advanced stage, with 78% completed and full completion forecast for January 2026.
Power infrastructure is also taking shape. Construction of the 132kV overhead transmission line has reached 25%, with 28 of the planned 130 poles installed so far. The line is scheduled for completion in February 2026.
The medium-voltage building is 37% complete and expected to be finished by June 2026, while the low-voltage wet-end building has already been completed.
Alongside construction, Karo is finalising fiscal arrangements with its strategic partners and the Government of Zimbabwe, a process the company says is essential to securing bankable, long-term project financing. Investment in the project has so far reached approximately US$140 million.
Who is EPSA
EPSA Internacional S.A. is a Spanish multinational mining and earthmoving contractor founded in 1962, with more than six decades of experience delivering large-scale mining and civil works projects across multiple jurisdictions.
The company specialises in open-pit mining services, including drilling and blasting, load-and-haul operations, bulk earthworks, and equipment maintenance.
EPSA has an established track record in Africa, having been awarded major mining services contracts at projects such as Perseus Mining’s Yaouré gold mine and Tietto Minerals’ Abujar gold project in Côte d’Ivoire.
At these operations, the company was responsible for large-scale earthmoving and mining support works following competitive tender processes, underscoring its experience in developing greenfield and expanding mining operations.
The company operates across more than 15 countries globally and employs several thousand personnel, positioning it as a seasoned contractor capable of supporting complex, capital-intensive mining developments.
Once in operation, Karo is expected to produce about 226,000 ounces of platinum annually, which would make it Zimbabwe’s third-largest platinum producer after Zimplats and Unki Mine.
Under Zimbabwe’s mining policy framework, the government holds a 15% free-carried interest in the project, with an option to acquire an additional 11% stake, aligning state interests with the long-term performance of the mine.
