Tharisa produces less due to operational challenges
South African platinum group metals (PGM) producer Tharisa (LSE: THS) (JSE: THA) announced today that its PGM production for the year ended 30 September 2023 (FY23) amounted to 144.7 koz (FY22: 179.2 koz), while chrome production was 1,580.1 kt (FY22: 1,582.7 kt).
In a press release, the company said that operational mining challenges and resulting ore mix from its own ore and purchased ore did have a negative impact on PGM recovery and thus production.
According to Tharisa, group cash on hand increased to US$268.8 million (30 June 2023: US$242.6 million), and debt of US$142.2 million (30 June 2023: US$101.1 million), resulting in a net cash position of US$126.6 million (30 June 2023: US$141.5 million).
Tharisa also announced that its 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.
Commenting on the markets, the company said, “PGM market remains under continued pricing pressure with uncertainty of the macro global economic outlook having a direct effect on the demand for the precious metals. The chrome market continues to support sustainable pricing which is driven by supply-demand fundamentals.”
Tharisa is an integrated resource group incorporating mining, processing, exploration and the beneficiation, marketing, sales and logistics of PGMs and chrome concentrates. Its principal asset is the Tharisa mine located in the South-Western Limb of the Bushveld complex, South Africa.
