KARO Mining Holdings PLC

KARO Mining Holdings plc (KMH) is a Cyprus-incorporated mining holding company whose flagship asset is the Karo Platinum Project, a tier-one platinum group metals (PGM) development on Zimbabwe’s Great Dyke, around 85 km south-west of Harare.

The project, which combines a 10-year open-pit phase with a 30-plus-year underground phase, is an 85/15 joint venture between Karo Mining Holdings and Generation Minerals, a special purpose vehicle of the Republic of Zimbabwe held on a free-carry basis. Tharisa plc, the PGM and chrome producer dual-listed on the JSE and LSE, acquired an initial 26.8% stake in Karo Holdings in 2019, exercised its farm-in option in March 2022 to increase its shareholding to 70%, and held 78.17% by September 2025.

The company’s first bond, a US$50 million fixed-income note, was listed on the Victoria Falls Stock Exchange by way of introduction on 16 December 2022, the first debt instrument on the exchange. Phase one of the project, targeting steady-state production of around 226 koz of PGMs annually, was under construction in 2026 with a planned 1,200 direct employees.

Corporate structure

The group is held by Tharisa plc (majority shareholder) and Medway Developments. Karo Mining Holdings indirectly owns 85% of Karo Platinum Private Limited, with the Government of Zimbabwe holding the remaining 15% through Generation Minerals on a free-carry basis.

The board of Karo Mining Holdings comprises a chairman, managing director, finance director, country director and independent non-executive directors. The operating company, Karo Platinum, has its own board chaired by a Zimbabwean chairman and including the managing director, finance director, country director and project director.