Tharisa Raises $294 Million to Advance Zimbabwe Platinum Mine

Tharisa Plc has raised nearly $300 million through a Nordic bond issue to support construction of its Karo platinum mine in Zimbabwe, with production expected to begin in the final quarter of 2027.

The South Africa-based platinum group metals (PGMs) and chrome producer announced on September 11 that it had issued a $300 million five-year senior secured bond at 98% of its principal value.

The bond carries an annual coupon of 11%, with interest payable twice a year. The issue raised approximately $294 million.

Karo Mine to Boost Tharisa’s Platinum Production

The Karo platinum project is located on Zimbabwe’s Great Dyke, one of the world’s major geological regions for platinum group metals.

The mine’s first phase is expected to produce approximately 226,000 ounces of PGMs annually. According to Tharisa CEO Phoevos Pouroulis, this would more than double the company’s current PGM production.

The successful bond issue was oversubscribed, attracting interest from institutional investors across Europe, the United Kingdom, the Middle East, North America and Asia.

Tharisa said the bond’s pricing reflected the risks associated with Zimbabwe as the project’s host country and Karo’s current construction stage.

Zimbabwe Grants 25-Year Mining Lease

The Zimbabwean government granted Karo a 25-year special mining lease on August 24, 2026, marking an important step toward advancing the project.

Karo has also secured an offtake agreement with Valterra Platinum for the sale of platinum concentrate.

The combination of project financing, a long-term mining lease and an established offtake arrangement strengthens the foundation for Karo’s development.

Project Could Strengthen Zimbabwe’s Platinum Industry

Karo’s development comes as Zimbabwe seeks to expand mineral production and attract investment into its platinum sector.

For Tharisa, the project offers an opportunity to significantly increase its PGM output and strengthen its position in the global platinum market.

If construction remains on schedule, Karo could begin contributing to Zimbabwe’s mining revenues and platinum production from late 2027.