Tharisa maintains strong production in Q3

THARISA Minerals has maintained a strong production output bolstered by the favourable commodity markets, which ensured a healthy balance sheet during its third quarter.

In its production report for the quarter ended June 30, the platinum group metals (PGMs) and chrome co-producer said PGMs production sat at 42 100 ounces, at a normalised rougher feed grade of 1,65 g/t, with steady recoveries at 75,6 percent.

Chrome production was 389 000 tonnes, a 3,9 percent increase compared to the previous year.

According to the group, a PGMs basket price of $2 677 per ounce decreased by 4,6 percent compared to the previous quarter, while the metallurgical grade chrome price increased by 39.5 percent quarter-on-quarter, at $247 per ton.

Tharisa said it had a cash balance of $112,6 million at the end of the quarter, and debt of $64,6m, after an interim dividend payment of $8,8m.
“The increased cash has resulted in a positive net cash position of $48m,” it said.

Tharisa chief executive Phoevos Pouroulis said: “The global macro-trends are challenging, but Tharisa Mine’s life of more than 60 years gives us a strong foundation and the necessary financial resources to weather the headwinds of a tough economic climate, slowing growth, rising inflation, and weaker commodity markets. As always, our focus remains on safety, operational excellence, and maintaining a low-cost profile.”

He said this quarter Tharisa’s PGM and chrome output was strong once again, driven by the volume extracted from the Tharisa Mine open pit. Production from the Vulcan Plant was steadily increasing to nameplate capacity, proving that Tharisa’s technology was working well, it said. — IOL