Cyprus-based miner impressed by Karo project in Zimbabwe

Tharisa Plc, a Cyprus-based miner, has reported significant progress at its Zimbabwean operations with increased output across all facets. The company, integral to the energy transition and decarbonisation efforts, focuses on mining, processing, and marketing platinum group metals (PGMs) and chrome concentrates using innovative technologies.

In its recent market update, Tharisa expressed enthusiasm for the Karo platinum project in Zimbabwe, noting satisfactory construction progress aligned with available capital and advancing funding solutions. Tharisa holds a 70% stake in Karo Mining, which owns 85% of the Karo platinum project, with the Zimbabwean government holding the remaining 15% on a free-carry basis.

Despite a 4.5% year-on-year rise in PGM output to 36,900 ounces for the third quarter, the nine-month production declined by 5.4% to 107,900 ounces. Chrome concentrate production, on the other hand, increased by 1.8% in the third quarter to 410,200 tonnes and by 9.5% to 1.27 million tonnes over nine months, driven by strong demand that boosted prices by 8% to USD 309 per ton.

Tharisa's CEO, Phoevos Pouroulis, expressed confidence in the operational achievements, highlighting improved mining efficiencies and plant recoveries as key factors contributing to the production growth in both PGMs and chrome concentrates.