The commissioning of the Karo Platinum Project in Zimbabwe has been delayed several times, primarily due to falling platinum group metal (PGM) prices and related funding challenges.
By Ryan Chigoche
Originally scheduled for July 2024, the project was first pushed to June 2025. Most recently, the timeline has been extended to the second half of 2026.
Beyond the impact of declining global commodity prices, Tharisa has also cited Zimbabwe’s policy environment as a key factor behind the delays. In particular, the lack of strong incentives for large-scale greenfield investments has made it difficult to attract the kind of capital required to advance the project.
The Karo Project stands out as a rare greenfield development in the PGM sector. It gives Tharisa a chance to implement cutting-edge technologies that lower costs and boost efficiency—something far more challenging in older, brownfield operations.
Given the massive upfront capital needed before any returns are realized, a supportive and predictable investment climate is critical for a project of Karo’s scale.
Speaking at the 2025 PGM Industry Day Indaba in Johannesburg, Tharisa CEO Phoevos Pouroulis highlighted both capital constraints and regulatory challenges as major hurdles to progress.
“Our aspirations are bigger than our balance sheet. Part of the reason we have delayed the Karo Project is the capital to complete it… we are big employers, we contribute to the fiscus, and I think there needs to be recognition. At the moment, we feel like we are a little bit of a punching bag. We hope that the Minister can support us in our initiatives,” he added.
Despite these challenges, work on the project continues.
Pouroulis confirmed that key infrastructure projects, such as bringing power and water to the site, are currently underway.
“All the earthworks have been completed, about 70% of the civils are complete, and we have also procured around 70% of the mechanicals.”
Looking ahead, Tharisa expects the Karo Project to more than double its platinum output within the next three years. The company sees the project as a long-term, transformative investment.
“We are targeting about 200,000 ounces in the next 24 to 36 kilotonnes, which dovetails with the commissioning and the steady-state production of the Karo Project. Phase One only deals with 10% of the resource endowment. This is a 96-million-ounce resource with reserves just over 11 million ounces. It’s a multi-generational opportunity,” Pouroulis said.
Once operational, the Karo Project is expected to add approximately 200,000 ounces of PGMs annually, doubling Tharisa’s current output from its Tharisa Mine.
As the company navigates a tough global market and Zimbabwe’s challenging regulatory terrain, the Karo Platinum Project remains central to Tharisa’s long-term strategy.
With meaningful progress already made and a clear roadmap ahead, the company is positioning Karo as a generational asset—provided the necessary support structures are in place.
