Mining Firm Pours Millions Into Zimbabwe Platinum Project.
A big mining company keeps building its new platinum mine in Zimbabwe. Tharisa Capital has spent $131.3 million on the Karo project since mid-2022. The company needs $391 million to finish the first part.
The project faces some delays. Tharisa wanted to start mining late this year, but falling metal prices forced them to push the start date to June 2025.
Platinum brings lots of money into Zimbabwe. The country sells more platinum than almost anything else except gold. These precious metals make up most of what Zimbabwe sells to other nations.
The mine shows good progress, says company leader Phoevos Pouroulis. Workers finished moving the earth around. They built half the processing plant. The company made important parts like mills and power equipment.
But money troubles slowed things down. Metal prices dropped, making it harder to borrow cash. The company talks with banks about loans. They need new ways to pay for everything.
The Karo mine is in Zimbabwe's Mhondoro area. Tharisa owns most of it—about 77 percent—and plans to own even more soon up to 80 percent. Construction started in late 2022.
The company stays hopeful despite delays. They call Karo a project that will last many years. First, they must finish part one. Then, they can dig up more platinum.
Tharisa did well in other ways last year. They made $721.4 million, up 11 percent from the previous year. They sold lots of chrome for good prices, which helped balance out lower platinum prices.
The company spent money carefully. The biggest cost was paying workers—$33.7 million. They also bought mining trucks and other equipment for $195 million.
Zimbabwe wants its mining business to grow big. The country hopes mines will bring in $12 billion each year. With projects like Karo, they move closer to that goal.
A big mining company keeps building its new platinum mine in Zimbabwe. Tharisa Capital has spent $131.3 million on the Karo project since mid-2022. The company needs $391 million to finish the first part.
The project faces some delays. Tharisa wanted to start mining late this year, but falling metal prices forced them to push the start date to June 2025.
Platinum brings lots of money into Zimbabwe. The country sells more platinum than almost anything else except gold. These precious metals make up most of what Zimbabwe sells to other nations.
The mine shows good progress, says company leader Phoevos Pouroulis. Workers finished moving the earth around. They built half the processing plant. The company made important parts like mills and power equipment.
But money troubles slowed things down. Metal prices dropped, making it harder to borrow cash. The company talks with banks about loans. They need new ways to pay for everything.
The Karo mine is in Zimbabwe's Mhondoro area. Tharisa owns most of it—about 77 percent—and plans to own even more soon up to 80 percent. Construction started in late 2022.
The company stays hopeful despite delays. They call Karo a project that will last many years. First, they must finish part one. Then, they can dig up more platinum.
Tharisa did well in other ways last year. They made $721.4 million, up 11 percent from the previous year. They sold lots of chrome for good prices, which helped balance out lower platinum prices.
The company spent money carefully. The biggest cost was paying workers—$33.7 million. They also bought mining trucks and other equipment for $195 million.
Zimbabwe wants its mining business to grow big. The country hopes mines will bring in $12 billion each year. With projects like Karo, they move closer to that goal.
