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(Alliance News) - Tharisa PLC on Tuesday reported a rise in production over the fourth quarter of its financial year, labelling it the "best quarterly production in the history of the Tharisa mine".
The southern Africa-focused miner recorded platinum group metals production of 43,700 ounces in the quarter ended September 30, rising 12% from the quarter before.
"The fourth quarter of our financial year delivered the highest production of PGMs and chrome concentrates in the history of the Tharisa mine. This performance follows several strategic initiatives to optimise the operation, these have built a sustainable platform for Tharisa to deliver further significant growth over the long life of our open pit operations," Chief Executive Phoevos Pouroulis said.
Tharisa mine is 35 kilometres east of Rustenburg in North West province of South Africa.
For the 12 months to September 30, production increased 11% to 157,800 ounces from 142,100 ounces last year.
The average PGM basket price for the year came in at USD3,074 per ounce, rising 80% from USD1,704.
PGM guidance for financial 2022 is between 165,000 ounces and 175,000 ounces. "Covid-19 remains a risk to the company and guidance is premised on the current level of economic activity being maintained," the firm said.
"With the FY2022 production guidance provided for the Tharisa mine, we see further growth particularly from the investment made in the Vulcan plant, which is in the cold commissioning phase and will produce chrome concentrates before the end of 2021. In Zimbabwe, the exciting developments with Salene Chrome Zimbabwe Pvt Ltd, in the construction phase, as well as the progress on the development of Karo Platinum, will contribute to Tharisa's growth trajectory over the next two years," Pouroulis said.
Salene Chrome is a development stage, low cost, open pit asset, located in the Great Dyke in Zimbabwe.
Tharisa shares were up 3.6% to 128.50 pence each in London on Tuesday morning, and were untraded in Johannesburg, last traded at ZAR24.18 each on Monday.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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