Spanish engineering and construction company EPSA has won the contract to develop Tharisa’s Karo Platinum Mine in Zimbabwe, marking its first-ever project in the country. EPSA is expected to be on site later this month to begin work.
The project had previously been delayed due to weak global platinum prices, but a 45% market recovery in 2025 has improved the fundability and debt capacity of the development, according to Karo Platinum. Mining operations are now expected to commence in 2027.
Karo reports that progress is being made on critical infrastructure, including water and power supply, and mills have already been installed. The company is also finalising key fiscal provisions with strategic partners and the Government of Zimbabwe, ensuring the project’s bankability and funding security.
As of July 2025, Karo had invested US$140 million into the project. The mine had originally been scheduled for completion in 2024, but development slowed after the collapse in global platinum prices, a trend that affected investment across the sector.
Situated on the Great Dyke, Karo Platinum is expected to produce 226,000 ounces of platinum annually, placing it behind Zimplats (646,000 oz) and Unki (244,000 oz) in Zimbabwe’s production rankings.
The Zimbabwean government holds a free 15% stake in the project, with an option to acquire an additional 11%, highlighting the state’s ongoing participation in the country’s mining sector.
