Tharisa plc: Record quarterly chrome output at 462.8 kt
Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London stock exchanges, announces its production results for Q1 FY2024(1) and cash balance as at quarter end.
Quarter highlights
Increased mill throughput of 8.7% at 1 424.4 kt, with improvements in both grade and recovery for PGMs and chrome concentrate leads to
- PGM output increasing to 35.7 koz (Q4 FY2023: 30.7 koz)
- Record quarterly chrome output at 462.8 kt (Q4 FY2023: 413.4 kt)
- PGM basket price showed slight improvement of 1% to US$1 344/oz (6E basis) (Q4 FY2023: US$1 331/oz)
- Average metallurgical grade chrome concentrate prices held steady at US$291/t (Q4 FY2023: US$291/t)
- Group cash on hand at US$221.5 million (30 September 2023: US$268.8 million), and debt of US$126.6 million (30 September 2023: US$142.2 million), resulting in a net cash position of US$94.9 million (30 September 2023: US$126.6 million)
- 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: “PGM prices remain subdued, negatively affecting many of the PGM miners in South Africa, once again our co-product business model continues to be operationally cash-generative, and the chrome market continues to enjoy strong demand as we enter the Chinese New Year.
This year we will be expanding and rolling out our R&D projects in distinct stages of development and commercialisation. With a solid foundation we can re-frame the operating context and re-focus our energy on our key competencies ultimately unlocking value to all stakeholders.”
Guidance
Production guidance for FY2024 is set between 145 koz and 155 koz PGMs (6E basis) and 1.7 Mt to 1.8 Mt of chrome concentrates.
