THARISA: Operations impacted by adverse weather conditions
Tharisa, the platinum group metals (PGMs) and chrome co-producer announces that total reef mined of 1 081.5 kt (Q4 FY2022: 1 314.7 kt) as weather impacted access to all benches, which affected mining and drilling volumes:
- Stripping ratio of 10.6 m3: m3 (Q4 FY2022: 13.3 m3: m3) in line with new life of mine requirements but also affected by adverse weather conditions
- Total reef tonnes milled for the quarter at 1 427.4 kt (Q4 FY2022: 1 446.8 kt), utilising stockpiles to maintain plant throughput
- Quarterly PGM production at 42.7 koz (Q4 FY2022: 45.3 koz)
- Rougher feed grade of 1.66 g/t (Q4 FY2022: 1.67 g/t)
- Recovery of 71.7% (Q4 FY2022: 76.2%) as oxidised ore from the stockpile was fed into the circuits
- Quarterly chrome production at 383.1 kt (Q4 FY2022: 416.2 kt)
- Grade of 17.0% Cr2O3 (Q4 FY2022: 17.3%)
- Recovery at 65.7% (Q4 FY2022: 69.6%) impacted by high variability of ore mix and feed grade, as well as work on spiral adjustment and replacement, impacting mainly specialty output with metallurgical chrome output up on a quarter-by-quarter basis
- Vulcan Plant optimisation continuing with increased output on track for H2 FY2023 Karo Platinum Update
- Construction commencement ceremony was held on 7 December 2022, with land clearing continuing
- Successful capital raise and listing on VFEX Exchange on 16 December 2022 Cash Balance and Debt Position
- Tharisa had a cash balance of US$213.9 million (30 September 2022 US$143.4 million) at the end of the quarter, and debt of US$112.8 million (30 September 2022 US$64.8 million). The increased cash has resulted in an improved net cash position of US$101.1 million (30 September 2022 US$78.6 million). The cash and debt numbers include the fully consolidated recent capital raise on the VFEX
GUIDANCE – Production guidance maintained at between 175 koz and 185 koz PGMs (6E basis) and 1.75 Mt to 1.85 Mt of chrome concentrates.
Production guidance maintained at between 175 koz and 185 koz PGMs (6E basis) and 1.75 Mt to 1.85 Mt of chrome concentrates.