Spanish engineering firm EPSA has been awarded the contract to develop Tharisa Plc’s Karo Platinum Mine in Zimbabwe, a mining venture that has rebounded after years of delay caused by weak global platinum prices.
EPSA is expected to mobilise to site this month, and project documentation shows that the contract award has been completed, with mobilisation, site establishment and on-boarding already in progress. Equipment assembly is scheduled for January–February 2026, while waste stripping is expected to commence in the first quarter of 2026, indicating a transition from preparatory works to active mining operations.
Mining at the project, located on the Great Dyke, is now expected to begin in 2027, with financial close targeted for 2026.
The Karo project, estimated to cost US$499 million, had been stalled after the collapse in platinum prices, which forced the company to slow development and miss its original 2024 completion target. However, platinum prices recovered by 45% in 2025, significantly improving the project’s financial outlook.
“The recovery in basket prices has improved the estimated fundability and debt capacity of the project,” Karo said, noting that the stronger market conditions have restored investor confidence across the platinum group metals sector.
Karo reports that progress is being made on critical infrastructure, including water and power supply, while milling equipment has already been installed on site, an indication that the project has moved beyond early-stage development.
In the concentrator area, major construction milestones have been reached. Civil works are progressing across the site, long-lead equipment has been delivered, and installation is underway.
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The Chirundazi Dam, a key water supply component, is 27% complete, with completion forecast for June 2026. The mill building is at an advanced stage, with steel works 78% complete and forecast to be completed by January 2026.
On power infrastructure, the 132kV overhead transmission line is 25% complete, with 28 of 130 poles installed to date.
Completion of the power line is forecast for February 2026. The medium-voltage building is 37% complete, with completion expected in June 2026, while the low-voltage building at the wet end has been fully completed.
The company is also finalising key fiscal provisions with its strategic partners and the Government of Zimbabwe, a step it says is essential to ensuring bankability and long-term funding security.
To date, the company has invested approximately US$140 million into the project.
Once operational, Karo is expected to produce 226,000 ounces of platinum annually, positioning it as Zimbabwe’s third-largest platinum producer, behind Zimplats (646,000 oz) and Unki Mine (244,000 oz).
Under Zimbabwe’s mining policy, the government holds a 15% free carried interest in the Karo project, with an option to acquire an additional 11% stake, further aligning state interests with the mine’s success.
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