Online Reporter
Nelson Gahadza
South Africa Resources group, Tharisa Capital, says it has made significant progress in derisking the Karo Platinum project in Zimbabwe, adding that it has made progress on funding solutions to accelerate the final development of the premium asset.
Karo Platinum project, a platinum group metals (PGM) asset under development in Zimbabwe’s Mashonaland West Province, 80 kilometres southeast of the capital Harare, has made significant progress on mine development despite the impact of low global platinum prices.
According to Karo Holdings’ 2024 financials, as at the report date of September 30, 2024, US$107 million had been received from Tharisa for fund the ongoing construction work.
The group said management was at an advanced stage of securing debt funding amounting to US$225 million required for the project’s construction work and the balance of US$31,2 million through an equity partner.
Karo Platinum said for the current financial year, the US$65 million equity line availed by the parent company last year had been used in the project, while a further US$70 million equity funding was availed and is being drawn down to fund project working capital needs as they fall due.
Mr Phoevos Pouroulis, the chief executive officer of Tharisa, in a trading update for the second quarter to June 2025, said infrastructure work continued in line with capital availability.
