Tharisa reports best quarterly production in the history of its mine
PAPHOS, Cyprus – Tharisa in the fourth quarter of its financial year delivered the highest production of PGMs and chrome concentrates in the history of its mine as a result of several strategic initiatives to optimise the operation, these have built a sustainable platform for Tharisa to deliver further significant growth over the long life of our open pit operations.
FY2022 production guidance of between 165 koz to 175 koz PGMs (6E basis) and 1.75 Mt to 1.85 Mt of chrome concentrates. COVID-19 remains a risk to the Company and guidance is premised on the current level of economic activity being maintained.
Fourth quarter and year-end highlights
- Five-year fatality free, with a Lost Time Injury Frequency Rate (‘LTIFR’) of 0.34 per 200 000-man hours worked
- Delivered on production guidance with record quarterly output of Platinum Group Metals
- (‘PGMs’) and chrome concentrates
- PGM production of 43.7 koz, up 12% Quarter on Quarter (‘QoQ’), delivering 157.8 koz for the year, up 11% Year on Year (‘YoY’) at an average PGM basket price of US$3 074/oz (ZAR45 336/oz), up 80% YoY
- Chrome output of 395.7 kt, up 4% QoQ, delivering 1 506.1 kt for the year, up 12% YoY at an average metallurgical grade chrome price of US$154/t (ZAR2 284/t), up 10% YoY
- Record production performance has further strengthened the Company’s balance sheet
- Cash balance of US$83.4 million and a positive net cash position of US$47.9 million
- Decarbonisation targets set at a 30% reduction in emissions by 2030, carbon net neutral by 2050 across the Company’s operations
Post year-end highlights
- Commencement of cold commissioning of the Vulcan ultra-fine chrome processing plant in October 2021, anticipated to increase recoveries of chrome concentrate to above 80%, thereby increasing chrome production by 25% to 2.0 Mt
- Commencement of Salene Chrome plant construction
Phoevos Pouroulis, CEO of Tharisa, commented: “The fourth quarter of our financial year delivered the highest production of PGMs and chrome concentrates in the history of the Tharisa Mine. This performance follows several strategic initiatives to optimise the operation, these have built a sustainable platform for Tharisa to deliver further significant growth over the long life of our open pit operations.
The continued improved performance over the past twelve months was achieved through the proficiency, commitment and focus of all our staff, who not only delivered Tharisa results safely, but did so in the face of COVID-19 uncertainty, which saw thousands of man hours lost during the past 12 months.
The challenge of the pandemic persists on numerous fronts, yet Tharisa remains confident that the measures it has taken in the last two years will continue to allow it to overcome these and future challenges.
With the FY2022 production guidance provided for the Tharisa Mine, the company see further growth particularly from the investment made in the Vulcan plant, which is in the cold commissioning phase and will produce chrome concentrates before the end of 2021. In Zimbabwe, the exciting developments with Salene Chrome, in the construction phase, as well as the progress on the development of Karo Platinum, will contribute to Tharisa’s growth trajectory over the next two years.
Tharisa remains a key participant in the global transition to a low carbon economy through the critical metals we produce. Not only will Tharisa contribute to this transition, it will deliver on its stated goals of reaching 30% reduction in emissions by 2030 and carbon neutrality by 2050 through the extraordinary skills and initiatives of its own research and development team as well as the adoption of leading technologies.”
