Tharisa priced a $300m, five-year bond on 11 September 2026 through its Arxo Finance subsidiary to complete construction of the Karo Platinum project in Zimbabwe, targeting first ore to the mill in late 2027.
Tharisa has secured a $300m five-year bond at an 11% coupon to fund the balance of its $545m Karo Platinum project, where first ore to the mill is now expected in the fourth quarter of 2027.
Karo Platinum has signed a 25-year Special Mining Lease Agreement with the Zimbabwean government covering 23,903ha on the Great Dyke, giving Tharisa the tenure and fiscal certainty it needs to finish the mine.
Tharisa's Karo Platinum project has signed a 25-year special mining lease with the Zimbabwean government, though first production is now expected in 2027, three years later than originally planned.
Tharisa said its Apollo underground portal remained on time and budget after its first blast in March 2026, part of a $547m transition intended to extend mining at its namesake operation by more than 60 years.
Tharisa produced 39,600oz of PGMs in its third quarter to June 2026, up from 34,300oz, and kept full-year guidance, while warning that chrome prices had eased on weaker stainless steel demand.
Tharisa reached agreement with Zimbabwe's government on fiscal stability terms for its $545m Karo Platinum project, including a 15% corporate tax rate and the right to remit dollars to service project debt.
Tharisa shares rose as much as 7% after the miner guided to headline earnings per share up 455% to 472% for its half-year to March 2026, as the PGM basket price it received nearly doubled.
Tharisa concluded a five-year open-book mining contract with Cementation Africa for its underground transition, adopting a transparent cost-plus model over the traditional rates-based approach.
Tharisa set off its first underground blast at the Apollo portal on 31 March 2026, beginning a transition from open-pit to underground mining that the company says will extend its mine's life by decades.
Construction at the Karo Platinum project in Zimbabwe progressed with ball mills being installed and a dam expansion under way, as the Tharisa-backed mine works towards planned output of 190,000 oz a year.
Tharisa set FY2026 guidance of 145,000 to 165,000 oz of PGMs and 1.5 to 1.65 million tonnes of chrome concentrate, building on a strong fourth quarter at its South African mine.
Tharisa has guided FY2026 production of 145,000 to 165,000 ounces of platinum group metals and up to 1.65-million tonnes of chrome concentrate, building on a strong fourth quarter at its South African mine.
