Capital
Tharisa lands US$300m for Karo as the base stays narrow
A US$300 million bond for the Karo Platinum project was priced on 11 September. Non-gold mineral exports rose 84.7% in a year — but on a very narrow base.
- Bond size
- US$300m11% coupon
- Karo development cost
- US$545m
- MMCZ exports, H1 2026
- US$2.53bn+84.7%
- First ore
- Q4 2027
PGM matte, PGM concentrate and spodumene concentrate together earned about three-quarters of non-gold mineral exports in H1 2026.
Tharisa priced a US$300 million, five-year bond on 11 September 2026 to complete construction of the Karo Platinum project on the Great Dyke. The notes carry an 11% coupon, were issued at 98% of face value and drew more than 150 investors. Settlement is due on 24 September.1
- Done
- Due
- Coupon
- 11%
- Issued at
- 98% of face
- Investors
- 150+
Source: Mining Weekly, 11 Sep 2026
Show the numbers
| Term | Value |
|---|---|
| Size | US$300 million |
| Tenor | Five years (maturity 2031) |
| Coupon | 11% |
| Issue price | 98% of face value |
| Investors | More than 150 |
| Priced | 11 September 2026 |
| Settlement | 24 September 2026 |
The 2031 maturity is worked out from the five-year term.
The project
Karo's total development cost is put at US$545 million, with US$241 million already invested. The first phase is designed to produce about 226,000 ounces of PGMs a year, and first ore is expected in the fourth quarter of 2027. The 25-year special mining lease, covering 23,903 hectares, was signed in August 2026; the government holds a 15% free-carried interest through Generation Minerals.2
Who holds the project
- Output, phase one
- 226,000 oz/yr
- Lease
- 25 yrs · 23,903 ha
- First ore
- Q4 2027
Source: Mining Zimbabwe, 11 Sep 2026
Show the numbers
| Measure | Value |
|---|---|
| Total development cost | US$545 million |
| Already invested | US$241 million (44%) |
| Phase one output | About 226,000 oz PGMs a year |
| Special mining lease | 25 years, 23,903 ha |
| Government interest | 15%, free-carried |
Growth on a narrow base
Mineral exports marketed by MMCZ — everything except gold and silver — rose to US$2.53 billion in the first half of 2026, up 84.7% on a year earlier, according to MMCZ.3
Source: MMCZ data via NewZimbabwe
Show the numbers
| Period | US$ bn |
|---|---|
| H1 2025 | 1.376 |
| H1 2026 | 2.532 |
| Change (as reported by MMCZ) | +84.7% |
The growth is concentrated. PGM matte, PGM concentrate and spodumene concentrate together earned about three-quarters of the total. A single processing decision, plant outage or price move in one of those three still swings the whole figure.
- PGMs
- Spodumene
- Everything else
Source: MMCZ data via NewZimbabwe
Show the numbers
| Product | Share |
|---|---|
| PGM matte and concentrate | 47.7% |
| Spodumene concentrate | 26.6% |
| Everything else | 25.8% |
What it means for ground holders
Great Dyke PGM ground rarely changes hands as a claim sale. It moves as special grants and exploration ground offered for joint venture, and Karo's financing is a reminder of the scale of capital involved. See platinum and PGM ground in Zimbabwe.