Tharisa: sustainable in pit mining led to consistent milling throughput
Tharisa, the platinum group metals (PGMs) and chrome co-producer, announces production and cash balance numbers for Q4 and financial year ended 2022. Continued focus on sustainable in pit mining led to consistent milling throughput resulting in:
- Quarterly PGM production increasing to 45.3 koz (Q3 FY2022: 42.1 koz), at a rougher feed grade of 1.67 g/t (Q3 FY2022: 1.65 g/t) with recoveries at 76.2% (Q3 FY2022: 75.6%)
- Annual PGM production up 13.6% at 179.2 koz (FY2021: 157.8 koz)
- Quarterly chrome production increasing to 416.2 kt (Q3 FY2022: 389.7 kt) at a grade of 17.3% Cr2O3 (Q3 FY2022: 17.0%) and recovery at 69.6% (Q3 FY2022: 70.2%)
- Annual chrome production up 5.1% at 1 582.7 kt (FY2021: 1 506.1 kt)
Strategic commodity portfolio and robust pricing supporting the Company’s capital allocation and growth ambitions:
- Quarterly PGM basket price of US$2 400/oz (Q3 FY2022: US$2 677/oz) down 10.3%
- Annual PGM basket price of US$2 564/oz (FY2021: US$3 074/oz) down 16.6%
- Quarterly metallurgical grade chrome price of US$226/t (Q3 FY2022: US$247/t) down 8.5%
- Annual metallurgical grade chrome price of US$209/t (FY2021: US$154/t), up 35.7%
Operational Update
- Total reef mined of 1 314.7 kt (Q3 FY2022: 1 357.1 kt) bringing the total reef mined for the year to 5 505.4 kt (FY2021: 5 379.9 kt)
- Stripping ratio of 13.3 m3: m3 (Q3 FY2022: 14.2 m3: m3) with the annualised stripping ratio at 12.8 m3: m3 (FY2021: 11.6 m3: m3), all ahead of Life of Mine requirements
- Total reef tonnes milled for the quarter a record at 1 446.8 kt (Q3 FY2022: 1 367.1 kt) and the year 5 608.2 kt (FY 2021: 5 600.0 kt)
- Quarterly PGM production at 45.3 koz (Q3 FY2022: 42.1 koz). Rougher feed grade of 1.67 g/t (Q3 FY2022: 1.65 g/t). Recovery of 76.2% (Q3 FY2022: 75.6%)
- Annual PGM production up 13.6% at 179.2 koz (FY2021: 157.8 koz). Annual feed grade 1.70 g/t (FY2021: 1.49 g/t). Annual recoveries of 76.6% (FY2021: 77.6%)
- Quarterly chrome production at 416.2 kt (Q3 FY2022: 389.7 kt). Grade of 17.3% Cr2O3 (Q3 FY2022: 17.0%). Recovery at 69.6% (Q3 FY2022: 70.2%)
- Annual chrome production up 5.1% at 1 582.7 kt (FY2021: 1 506.1 kt). Grade of 17.4% Cr2O3 (FY2021: 17.9% Cr2O3). Recovery at 68.3% (FY2021: 63.3%)
- Vulcan Plant running at full throughput capacity with continued optimisation of output to achieve planned chrome recoveries
Karo Platinum Update
- Ground-breaking planned December 2022
- Key management positions have been filled, including Project Director and Finance Director
- ESIA for concentrator and infrastructure approved
- Long lead items ordered to meet timelines
- Mining contractor selected
Guidance
Production guidance for FY2023 is set between 175 koz and 185 koz PGMs (6E basis) and 1.75 Mt to 1.85 Mt of chrome concentrates.
