Tharisa’s production picks up despite blackouts

print

Tharisa’s production picks up despite blackouts

Published Date: 2019-04-12 | Source: Stephen Gunnion | Author: Stephen Gunnion | Comments

Tharisa’s production picks up despite blackouts

The platinum and chrome producer says it's back on track to meet its Vision 2020 targets following improvements at its mining operations.

Tharisa Plc has maintained its 2019 production guidance at a minimum of 150,000 ounces of platinum group metals (PGMs) and 1.4 million tons of chrome concentrates after it reported an improvement in its second-quarter performance.

The platinum and chrome producer said it's also on track to meet its Vision 2020 target of 200,000 ounces of PGMs and 2-million tons of chrome concentrates.

In an operational update for the three months to end-March, Tharisa said it had taken measures to mitigate the risk of power outages on its operations after last month's unprecedented Stage 4 load shedding introduced instability into its processing plants and, at times, forced it to stop certain processing circuits including the crusher circuits and part of the mill circuits. This impacted overall production for the month. It now has alternative standby diesel generator capacity in place.

Still, it grew PGM production by 1.3% to 34,000 ounces over the quarter, with recoveries of 85.5%. Chrome concentrate production increased by 1.1% from the previous quarter to 308,700 tonnes and a recovery of 62.9%.

It credited an improvement from its mining operations for the increased production.

It said the average PGM contained metal basket price for the second quarter was 6.6% higher in dollar terms at $1,048 while the average metallurgical grade chrome concentrate contract price was 1.2% lower at $162 per ton.

Its shares rose 1.1% to R21.50 yesterday.





Similar Stories