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(Correcting that platinum group metals production rose quarter-on-quarter in the three months ended June 30.)
(Alliance News) - Tharisa PLC on Friday maintained its production guidance for its current financial year, following a double-digit increase in third quarter output.
For the three months ended June 30, the Southern Africa-focused miner said production of 6E platinum group metals - platinum, ruthenium, rhodium, palladium, osmium and iridium - rose 11% year-on-year to 39,000 ounces from 35,000 ounces the same period a year before, and reflected an 8.9% rise from 35,800 ounces in the previous quarter.
Meanwhile, chrome concentrate output increased 18% annually to a record 379,700 tonnes from 321,400 tonnes, and was also up from 358,400 tonnes quarter-on-quarter.
Looking ahead, for the year ending September 30, Tharisa expects platinum production to be between 155,000 and 165,000 ounces, up from 142,100 ounces the year before.
Chrome concentrate meanwhile is set to range from 1.45 million tonnes from 1.55 million tonnes, up as much as 16% from 1.34 million tonnes the prior year.
"Operationally, the third quarter was one of the strongest in the company's history, with record mining and processing rates, supported by strong PGM and chrome pricing. Combined with reaching 5 million fatality free shifts and another excellent LTFIR, Tharisa remains on track to deliver safe and sustainable returns for all of our stakeholders," said Chief Executive Officer Phevos Pouroulis.
"Despite the headwinds of South Africa being placed on alert level 4 in its fight against the Covid-19 pandemic, with its impact on our employees and stakeholders, our operational performance continues to benefit from the ongoing optimisation programmes, underpinned by the robustness and consistency of the Tharisa mine with 14 years of open pit and 40 years underground mine life," Pouroulis added.
Shares in Tharisa were up 0.4% at 129.02 pence on Friday morning in London, while its Johannesburg shares were 3.0% higher at ZAR25.75.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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