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Tharisa to launch US$50m bond on Victoria Falls Stock Exchange to finance expanded Karo Platinum

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BY DAVID MCKAY

Tharisa is to issue a US$50 million  three-year bond on the Falls Stock Exchange as part of some US$440 million in project and working capital costs required for its first phase Karo Platinum project in Zimbabwe’s Selous area.

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In an update today, Johannesburg-listed Tharisa, which also produces chrome, said project required for Karo’s first ore to mill increased to US$391m.

This was partly because the project had been expanded to 194,000 ounces annually in platinum group metals (PGMs) compared to a previous production estimate of 150,000 oz/year.

Inflation on steel and transportation also played a role in the capital cost lift as well as the inclusion of a US$45 million contingency.

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Tharisa previously estimated a capital cost of US$250 million for Karo Platinum which is an orebody situated on Zimbabwe’s famed platinum-rich Great Dyke geological formation.

Bernard Pryor, head of Tharisa’s Karo Platinum project, said a book-build on the proposed bond had started “a few weeks ago”.

It aimed to capitalise on an estimated US$1.8 billion to US$2 billion in stranded assets in Zimbabwe.

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The bond would be launched in November.

“We’ve got a lot of interest on the bond,” said Pyror.

The balance of total capital required for Karo Platinum would be sourced from US$260 million in project finance and US$130 billion raised against the company’s existing assets.

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There was no plan to put any equity on the table, although Pouroulis said the company had “Plan B and Cs” that might include royalty streams on Karo and existing Tharisa production.

There would be no change to Tharisa’s undertaking on dividend payments, he said.

Once built, in about two years from the start of construction, Karo Platinum would make Tharisa a near-400,000 oz/year PGM producer.

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Pouroulis said it represented the making of the company with combined PGM production for 17 years ahead of anticipated sustained deficits for the metals.

According to Tharisa assumptions of an average PGM 6E price of US$2,140/oz and cast cost of US$1,096 per PGM oz, Karo would generate a return on capital invested of 30.1% and an internal rate of return of 26.1%.

“We have a tier one project that is robust with world class economics,” Pouroulis said. -miningmx

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National

Migration on the rise: Matabeleland North tops outbound movement in latest ZimLAC report

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BY NOKUTHABA DLAMINK

Matabeleland North has recorded some of the highest levels of migration in Zimbabwe, with 12.6% of households moving to urban areas and 7.8% leaving the country, according to the 2024–2025 Zimbabwe Livelihoods Assessment Committee (ZimLAC) report.

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The figures highlight a growing trend in which families are uprooting in search of work, education, and better living conditions, with the province’s migration rate well above the national averages of 9.9% for rural-to-urban moves and 5.0% for emigration.

For many in Matabeleland North, economic necessity drives these decisions.

“I had to send my son to Bulawayo because there was simply no work here,” said Thabani Ncube, a smallholder farmer in Lupane. “Even piece jobs have dried up. At least in town, he can hustle and maybe support the family.”

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The ZimLAC report shows that employment opportunities are the leading reason behind rural-to-urban migration nationally (6.3%). In Matabeleland North, 7.7% cited education as the next big pull factor, followed by new residential land and improved living standards.

Experts warn that while migration can bring relief through remittances, it also risks hollowing out rural communities.

“This trend is a double-edged sword,” explained Dr. Nomalanga Sibanda, a livelihoods researcher in Bulawayo. “Families may benefit from remittances, but local economies lose critical labour and skills. Over time, this weakens resilience in rural districts.”

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Other Provinces: Contrasting Patterns

Matabeleland South recorded the highest rate of emigration, with 13.5% of households reporting that members had left the country — nearly triple the national average. Masvingo followed closely, with 16.5% moving to towns and 7.7% leaving for the diaspora.

Meanwhile, Mashonaland Central had the lowest levels of outward movement, with just 4.4% moving to towns and 1.0% emigrating.

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Midlands also stood out, with 12.9% shifting to urban areas and 6.2% relocating abroad, driven mainly by job opportunities and schooling.

National Picture

Across Zimbabwe, nearly one in ten households (9.9%) reported rural-to-urban migration, while 5% indicated emigration outside the country. Employment, education, and improved living standards remain the strongest motivators.

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For ordinary families, the story is about survival and hope.

“My husband left for South Africa last year,” said Memory Dube of Gwanda, Matabeleland South. “He sends money when he can, but life is tough there too. Still, we rely on that income to buy food and pay school fees.”

ZimLAC, which advises the government through the Food and Nutrition Council (FNC), says the data will guide evidence-based interventions. The report stresses that migration trends are not just statistics, but reflect deeper issues of economic opportunity, resilience, and service delivery across provinces.

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National

Zimbabwe selected for groundbreaking HIV prevention initiative

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BY STAFF REPORTER 

The U.S. Embassy in Zimbabwe has announced an exciting development in the fight against HIV: Zimbabwe has been selected as one of the ten countries globally to roll out lenacapavir, a breakthrough in HIV prevention.

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“Yes Zimbabwe, it’s happening!” the embassy declared, highlighting the significance of this initiative.

“For decades, we’ve fought to turn the tide against this epidemic, and each day we get closer,” the statement continued. This new treatment represents a pivotal moment in HIV prevention efforts, as it is the first twice-yearly HIV prevention medicine.

The implementation of lenacapavir is made possible through a partnership with U.S.-based Gilead Sciences and the Global Fund. A key finding from a large-scale clinical trial shows that more than 99% of people on lenacapavir remained HIV negative. While this has the potential to save millions of lives, the Embassy emphasized that for Zimbabwe, it represents a major step toward ending new infections.

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“But this is more than medicine—it advances us on a pathway to a safer, stronger, and healthier future!” noted the embassy’s announcement.

The initiative particularly focuses on pregnant and breastfeeding women, aiming to protect the next generation. It will also work toward strengthening healthcare systems, empowering Zimbabwe to lead its own fight against HIV. Moreover, the goal of making lenacapavir more affordable and accessible ensures that no one is left behind.

The embassy highlighted, “This is American leadership at its best: driving innovation, and building a world where children, mothers, and communities can thrive.”

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As this initiative rolls out, the message is clear: “Together, we’re not just fighting HIV—we’re winning.”

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In the community

Avoid nightime movement and stoning elephants, communities told

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BY NOKUTHABA DLAMINI 

Following a recent spate of human-wildlife conflict incidents, Zimbabwe Parks and Wildlife Management Authority spokesperson Tinashe Farawo has urged communities to exercise caution when encountering wild animals.

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Farawo emphasized the importance of avoiding confrontations with elephants, particularly when they encroach into community areas. “We would like to urge members of the communities to avoid throwing stones at elephants,” he said. “This action agitates them, leading to attacks on people.”

In addition to avoiding confrontations, Farawo advised community members to minimize movement at night, as this is when wild animals are most active. “We would like to urge communities to avoid moving at night to minimize casualties,” he said.

Farawo’s comments come after a 79-year-old man from Hwange was killed by an elephant yesterday. The incident is still under investigation by rangers. This is the second fatal incident in the area, following the death of another man who was attacked by an elephant while on his way to work in Hwange town several weeks ago.

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