Tharisa releases Production Report for the third quarter
Tharisa, the platinum group metals (PGMs) and chrome co-producer has announced its production results for Q3 FY2023 and cash balance as at the quarter end.
QUARTER HIGHLIGHTS
- Processing capacity maintained PGM output increased to 37.0 koz (Q2 FY2023: 34.3 koz) with yield maintained and recoveries improving
- Chrome output marginally lower at 378.8 kt (Q2 FY2023: 404.8 kt) on steady grades, yield, and recoveries
- Mining volumes remain constrained
- Metallurgical grade chrome concentrate prices up 7.8% quarter on quarter averaging US$290/t (Q2 FY2023: US$269/t)
- Karo Platinum Project remains on track with major milestones of first concrete pour and pilot mining commenced
- Cash on hand increased by US$36.8 million to US$242.6 million (31 March 2023: US$205.8 million), resulting in a net cash position of US$141.5 million (31 March 2023: US$101.1 million)
- Strong balance sheet to support the growth of the business whilst providing returns to shareholders.
OPERATIONAL UPDATE
- Total reef mined of 908.8 kt (Q2 FY2023: 1 028.0 kt) limited by constrained in pit flexibility notwithstanding the increased waste stripping at 14.2 m3: m3 (Q2 FY2023: 12.6 m3: m3)
- Total reef tonnes milled for the quarter at 1 302.2 kt (Q2 FY2023: 1 370.0 kt), supplemented by strategic ROM ore purchases
- Quarterly PGM production at 37.0 koz (Q2 FY2023: 34.3 koz)
- Rougher feed grade of 1.67 g/t (Q2 FY2023: 1.66 g/t)
- Recovery of 69.0% (Q2 FY2023: 61.9%) as the plants processed more fresh material
- Quarterly chrome production at 378.8 kt (Q2 FY2023: 404.8 kt)
- Grade of 17.8% Cr2O3 (Q2 FY2023: 18.4%)
- Recovery at 67.9% (Q2 FY2023: 66.6%)
- Speciality chrome production improving as spiral replacement program has been completed
