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(Alliance News) - Tharisa PLC on Wednesday reported a drop in annual production in platinum and chrome concentrates following a reset of mining operations during the year, despite a steady fourth quarter.
For the year to the end of September, the miner's platinum group metals production declined by 8.1% to 139,700 ounces from 152,000 ounces the year before, with recoveries at 82% compared to 84.1%.
Chrome concentrate production was 1.29 million tonnes, down from 1.45 million tonnes the prior year, with recoveries at 61% compared to 65%.
Speciality grade chrome concentrate production was 312,100 tonnes, making up 22% of Tharisa's total chrome production.
On a quarterly basis to the end of September, PGM production rose by 6.4% to 38,000 ounces from 35,700 ounces the year before, while chrome concentrate production increased by 0.8% to 341,900 tonnes from 339,200 tonnes the prior year.
Looking ahead, Tharisa has guided for its current financial year PGM production in the range of 155,000 ounces to 165,000 ounces, and chrome output between 1.45 million tonnes to 1.55 million tonnes.
"In the year under review Tharisa significantly reset its mining operations, with a revised pit layout, an improvement in waste stripping, and the debottlenecking of the production plants. Though this translated into lower production than last year’s record performance, the significant work done provides Tharisa with a clear path to delivering on our Vision 2020 strategy," said Chief Executive Officer Phoevos Pouroulis.
"The key remaining investment to achieve our production goal, the Vulcan plant, is under construction and remains firmly on track for commissioning in the fourth quarter of 2020," Pouroulis added.
Shares in the company closed 1.1% lower in London on Tuesday at 110.30 pence each and in Johannesburg, the stock closed 1.0% lower at ZAR20.30.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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