Tharisa reports strong first quarter


Tharisa reports strong first quarter

Published Date: 2021-01-13 | Source: Stephen Gunnion | Author: Stephen Gunnion

Tharisa reports strong first quarter

The mining company says it is on track to meet its full-year production guidance in a strong spot market for platinum group metals.

Tharisa has reported a strong start to its financial year, helped by a rise in the price of platinum group metals (PGMs) as it grows production. It says progress made in optimising its mining operations over the past two years has been demonstrated by the consistent performance and availability of its operations over the last several quarters.

The mining company operates an open cast mine in SA's Bushveld Complex, one of the few to co-produce both PGMs and chrome. The remedial action included the optimisation of its pit layout, improved waste stripping, and a substantial further investment in its mining fleet.

For the three months to end-December, PGM production rose 14% to 39,300 ounces from a year earlier while production of chrome concentrate increased by 8.7% to 372,300 tonnes. Speciality grade chrome output gained 15% year-on-year to 93,800 tonnes and was flat quarter-on-quarter.

Tharisa benefitted from a 23% improvement in PGM prices over the quarter to $2,399 per ounce. They were up 71% from a year earlier. Chrome prices, however, were down 4.2% on the previous quarter and 6.2% fro a year earlier.

The company said construction of its Vulcan processing plant remained on schedule and on budget for commissioning at the end of the financial year in September. It said this would further boost its chrome concentrate production from its 2022 financial year onwards.

It maintained its full-year production guidance at 155,000 to 165,000 ounces of PGMs and 1.45-million to 1.55-million tonnes of chrome concentrates.

Its shares rose 4.3% to R26.50 yesterday.

Similar Stories