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Tharisa confirms another strong quarter for production


Tharisa PLC (LON:THS) has confirmed a strong quarter in its South African platinum and chrome mining operation.

The company revealed that 1,234 tonnes of reef was mined in the quarter ended December 31, 2020, down 12.2% on the preceding quarter, but, against the year-on-year comparative volumes, up 8% for the quarter.

The group produced 39,000 ounces of 6E Platinum Group Metals (PGMs), marking a 14% improvement against the year-on-year comparison.

A total of 372,000 tonnes of chrome concentrate was produced (excluding third party products) which was an 8.7% lift versus last year’s volume. Speciality grade chrome improved by 15%.

The average platinum price was up by around 70% year on year, at US$2,399 an ounce, whilst chrome was down around 6.2% at US$136 per tonne.

Tharisa provided an update on guidance, telling investors it “remains on track” to achieve 155,000 to 165,000 ounces of PGMs and 1.45mln to 1.5mln tonnes.

The company noted that coronavirus (COVID-19) is still a risk to the company and its forecasts, and its current guidance is premised on the current levels of economic activity.

“The first quarter provided a solid platform for Tharisa to meet its production guidance for the current financial year with all key metrics delivering strong growth versus the same period in FY2020,” said Phoevos Pouroulis, Tharisa chief executive in a statement.

“The consistent performance has been delivered in a strong spot market for PGMs in particular and stable chrome prices.”

Pouroulis added: “The significant progress made in optimising our mining operations during the course of 2019, and 2020 has been demonstrated by the consistent performance and availability of our operations over the last several quarters. 

“We continue to invest in our assets and in our market leading research and development, which will contribute to further production growth from our long life Tharisa Mine.”

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