Karo Platinum Secures US$300 Million Funding as Zimbabwe Mine Targets 1,200 Jobs

[Yesha]

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Zimbabwe’s Karo Platinum project is targeting a total investment of approximately US$540 million, with the mine expected to create about 1,200 direct jobs once fully operational.

Located on the Great Dyke in Mhondoro-Ngezi, the project is being developed by Karo Platinum Resources to expand Zimbabwe’s platinum group metals production and increase local mineral beneficiation.

The development is expected to strengthen the mining sector while creating opportunities for local contractors, suppliers, transporters and small businesses.

Tharisa plc, the mining group behind the project, secured US$300 million in bond financing to support the mine’s completion and advance construction activities.

The project’s first phase is designed to produce approximately 226,000 ounces of platinum group metals annually, with first ore targeted for the second half of 2027.

The mine is also expected to contribute to Zimbabwe’s efforts to process more minerals locally, allowing the country to capture greater value from its natural resources.

At the time of a recent report by The Herald, the project employed 811 people, comprising 107 permanent employees and 704 contractor workers. A further 250 casual workers had been engaged from surrounding communities.

The project includes a 15 percent free-carried stake for the Government of Zimbabwe, while Karo Mining Holdings holds the remaining 85 percent interest in Karo Platinum.

Its development comes as Zimbabwe seeks to expand mining output, attract investment and promote industrialisation under its national development programmes.

However, the projected investment, production and employment figures remain dependent on the completion of construction and the mine becoming fully operational.

First ore is expected in the second half of 2027.