(Alliance News) - Tharisa PLC on Thursday reported a rise in annual production in platinum and chrome concentrate, as the miner's operations performed beyond expectations following improvements.
For the year to the end of September, Tharisa's platinum group metals production rose by 1.8% at 142,100 ounces from 139,700 ounces the year before, with recoveries at 80% compared to 82%.
Chrome concentrate production was 1.34 million tonnes, up 4.2% from 1.29 million tonnes the prior year, with recoveries remaining flat at 62%.
Specialty grade chrome concentrate output was 321,600 tonnes, making up 23% of Tharisa's total chrome production.
On a quarterly basis to the end of September, PGM production rose by 16% year-on-year to 40,500 ounces, while chrome concentrate output rose by 15% to 370,800 ounces.
Looking ahead, Tharisa said for its current financial year, it expects PGM production in the range of 155,000 ounces to 165,000 ounces, and chrome output between 1.45 million tonnes and 1.55 million tonnes.
"Growing the business and increasing production not just on a quarter on quarter, but a year on year basis despite the challenges of Covid-19, is a tribute to the extraordinary resilience and resourcefulness of all of our employees at Tharisa," said Chief Executive Officer Phoevos Pouroulis.
"With exposure to PGMs, particular our favourable prill split towards palladium and rhodium, the latter of which we produced over 13,500 ounces for the year with the metal trading at record spot prices in excess of USD13,000 per ounce, ensures Tharisa has an excellent financial and operating platform to progress the business through its next phase of growth. The rapid development of the hydrogen economy and the move to even cleaner emission standards will benefit the PGM market and Tharisa for some years to come," Pouroulis added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Tharisa (THS)