Tharisa: PGM output increases to 36.9 koz, Chrome increases to 410kt
Tharisa, the mining, metals, and innovation company, announces its production results for Q3 FY2024 and cash balance as at quarter end.
QUARTER HIGHLIGHTS
- PGM production increased to 36.9 koz (Q2 FY2024: 35.3 koz)
- PGM basket price steady at US$1 391/oz (6E basis) (Q2 FY2024: US$1 343/oz)
- Chrome production increased to 410.2 kt (Q2 FY2024: 402.7 kt)
- Continued strong average metallurgical grade chrome concentrate prices, up 8% to US$309/t (Q2 FY2024: US$286/t)
- Group cash on hand of US$189.9 million (31 March 2024: US$184.6 million), and debt reduced to US$97.7 million (31 March 2024: US$114.0 million), resulting in an increased net cash position of US$92.2 million (31 March 2024: US$70.6 million)
- US$5 million share repurchase well on track with 1 600 058 shares repurchased to end June 2024
- Production guidance for FY2024 remains between 145 koz and 155 koz PGMs (6E basis) and 1.7 Mt to 1.8 Mt of chrome concentrates
Phoevos Pouroulis, CEO of Tharisa, commented: “This third quarter marks nine months since we last recorded a lost time injury, something that we can all be proud of, as our systems and continuous focus on safe production and zero harm keep our people safe.
Operationally we delivered as planned, with improved mining and plant recoveries resulting in overall PGM and chrome concentrate production increases. The focus on sustainable mining and the structural improvements achieved in this year to date positions us for a strong last quarter, with further improvements in the mining performance, providing the sustainable foundation for the medium to long term plans for the mine.
Positive progress has been made with our plans for transitioning to underground development in the west pit in parallel with the continued optimisation of open-pit mining.
The Karo Platinum project is progressing safely and well, with construction aligned with capital availability and the various funding solutions progressing according to plan.
Our vision for Tharisa remains firmly intact, with sustainable mining complemented by maximising the output from our ore bodies, coupled through our various beneficiation initiatives for both chrome and PGMs together with the continued progress we are making in the renewable energy field with Redox One, and the 40MW solar project.”
