The Karo platinum project commissioning schedule has been prolonged by 12 months, to June 2025, due to the ongoing decline in platinum group metal (PGM) prices and macroeconomic conditions, according to Tharisa Mine.
It, however, said that there is potential to expedite the schedule should markets improve.
With an initial life-of-mine of 17 years, the open-pit PGMs Karo project, which is now being developed in the Great Dyke of Zimbabwe, is a long-lasting asset.
Tharisa chief executive Phoevos Pouroulis said in a production report for the year ending September 30 that the redesigned Karo schedule offers the company the ability to adapt to fluctuating market conditions.
“Our growth strategy remains firmly intact, with continuous optimisation at the Tharisa mine, investment in downstream beneficiation, and our commitment to the development of the multi-generational Tier 1 Karo platinum project," he said.
“While current markets are volatile and unpredictable, we believe in the medium-term outlook for PGMs underpinned by a supply-side-constrained economy, this supported by a robust chrome market driven by stable demand.”
Meanwhile, Tharisa’s output of PGMs decreased from 179,200 oz in the 2022 fiscal year to 144,700 oz for the 2023 fiscal year, while chrome production was flat at about 1,58 million tonnes.
The metallurgical grade chrome concentrates average annual price rose 26.2% to $263/t, whereas the PGMs average annual price decreased by 26.1% to $1,893/oz.
Production guidance for the fiscal year 2024 is set between 145 000 oz and 155 000 oz PGMs (6E basis) and 1.7 Mt to 1.8 Mt of chrome concentrates.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
