Tharisa says Vision 2020 remains intact


Tharisa says Vision 2020 remains intact

Published Date: 2019-10-10 | Source: Stephen Gunnion | Author: Stephen Gunnion

Tharisa says Vision 2020 remains intact

Despite reporting lower full-year production, it says work done over the past year provides it with a clear path to meet its targets.

Tharisa Plc says it remains on track to deliver on its Vision 2020 strategy, despite this year's decline in production as it reconfigured its operations.

Under Vision 2020, the platinum and chrome producer plans to deliver two-million tonnes of chrome concentrate and 200,000 ounces of platinum group metals (PGMs) on an annualised basis by the end of calendar year 2020.

A strong rise in fourth-quarter production supported the group's full-year numbers after a bumpy start to the period due to the redesign. Still, in the year to end-September production of PGMs fell 8.2% to 139,700 ounces and and production of chrome concentrates declined 11% to 1.29 million tonnes.

The redesign was aimed at improving access to the East Pit at the Tharisa Mine and providing a better product mix and grade control for its Genesis and Voyager processing plants. The redesign affected its first half performance as it prevented it from mining the optimal reef mix. It said the remaining investment to achieve its production goal, the Vulcan plant, was under construction and remained on track for commissioning towards the end of next year. In Zimbabwe, it said its development pipeline was pleasing. The first phase of Karo Platinum's exploration programme had delivered positive results. Last year, it bought a 26.8% stake in Karo, which is exploring for PGMs and base metals on Zimbabwe's Great Dyke.

It expects to produce between 155,000 and 165,000 ounces of PGMs in the year to next September, with 1.45-million to 1.55-million tonnes of chrome concentrates, before reaching its Vision 2020 target at the end of next year.

Its shares didn't trade yesterday, closing unchanged at R20.30.

Similar Stories