Platinum Group Metals (PGMs) and chrome co-producer Tharisa says mining volumes at its mine, located in the south-western limb of the Bushveld Complex in South Africa, remain constrained.
The miner said its PGM output marginally rose to 37 000 ounces (oz) in the third quarter ended 30 June 2023 compared to the previous quarter’s 34 300 oz with yield maintained and recoveries improving.
It said chrome output eased to about 379 000 tonnes in the period under review from the second quarter’s 405 000t on steady grades, yield, and recoveries.
“The quarter … allowed us to review our in-pit mining plan with the appointment of a waste material contractor helping to ensure sustainable access to the required reef horizons,” said company chief executive Phoevos Pouroulis.
“Our output will, however, remain subdued for the remainder of the year as we focus on mining flexibility for sustainable reef operations.”
Meanwhile, Tharisa said the metallurgical grade chrome concentrate prices rose 7.8% quarter on quarter averaging $290/t compared to the previous quarter’s $269/t.
Pouroulis said the company benefitted from continued favourable chrome pricing while dealing with PGM pricing pressures, resulting in strong free cash generation - ending the period with a further strengthened balance sheet with net cash of over $140 million.
Tharisa also owns Karo Platinum, a low-cost, open-pit PGM asset under construction and located on the Great Dyke in Zimbabwe.
“At Karo, we remain on track with project construction, completing our first concrete pour in June, with pilot mining having commenced,” said Pouroulis.
“The equity contribution by Tharisa of $135 million is being drawn down to match capital requirements with cash flow as we finalise the senior debt portion for this globally strategic mine.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
