Tharisa, the platinum group metals (PGMs) and chrome co-producer, recorded PGMs output of 42 700 ounces (oz) compared to 45 300 oz in the fourth quarter of the fiscal year 2022.
Its quarterly chrome production was 383 100 tonnes against 416 200 tonnes in the fourth quarter of the fiscal year 2022.
The company maintained its production guidance at between 175 000 oz and 185 000 oz PGMs (6E basis) and 1,75 million tonnes to 1,85 million tonnes of chrome concentrates.
“Despite operational headwinds at the Tharisa Mine, the company delivered a solid quarter of PGM and chrome production, underpinning our commitment [to] delivering guidance of between 175 koz and 185 koz PGM and 1.75 Mt and 1.85 Mt chrome concentrates,” said Tharisa chief executive Phoevos Pouroulis.
He said the quarter also saw significant progress in the development of Karo Platinum in Zimbabwe, which will be our second Tier 1 PGM asset, with groundbreaking and the commencement of the development of the necessary infrastructure and mine construction, supported by the first bond issue on the Victoria Falls Exchange.
Pouroulis also said that their growth strategy remains intact, underpinned by further free cash flow generation in the quarter, as well as progressing with their ambitions to become a multi-asset and multi-jurisdiction group with the rapid progress of the Karo project.
Meanwhile, Tharisa said chrome prices remained strong, with spot at around $260 per tonne while PGM prices remained elevated over the quarter and are set to continue at these levels on the back of PGM demand from the automotive industry and lower production from the major suppliers.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
Its quarterly chrome production was 383 100 tonnes against 416 200 tonnes in the fourth quarter of the fiscal year 2022.
The company maintained its production guidance at between 175 000 oz and 185 000 oz PGMs (6E basis) and 1,75 million tonnes to 1,85 million tonnes of chrome concentrates.
“Despite operational headwinds at the Tharisa Mine, the company delivered a solid quarter of PGM and chrome production, underpinning our commitment [to] delivering guidance of between 175 koz and 185 koz PGM and 1.75 Mt and 1.85 Mt chrome concentrates,” said Tharisa chief executive Phoevos Pouroulis.
He said the quarter also saw significant progress in the development of Karo Platinum in Zimbabwe, which will be our second Tier 1 PGM asset, with groundbreaking and the commencement of the development of the necessary infrastructure and mine construction, supported by the first bond issue on the Victoria Falls Exchange.
Pouroulis also said that their growth strategy remains intact, underpinned by further free cash flow generation in the quarter, as well as progressing with their ambitions to become a multi-asset and multi-jurisdiction group with the rapid progress of the Karo project.
Meanwhile, Tharisa said chrome prices remained strong, with spot at around $260 per tonne while PGM prices remained elevated over the quarter and are set to continue at these levels on the back of PGM demand from the automotive industry and lower production from the major suppliers.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
