(Alliance News) - Tharisa PLC on Tuesday reduced its chrome production guidance for its current financial year, despite an 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 7.9% to 42,100 ounces from 39,000 ounces the same period a year before, but dropped 4.5% from 44,100 ounces the previous quarter.
Meanwhile, chrome concentrate output rose 2.6% annually to 389,700 tonnes from 379,700 tonnes, and also increased 3.9% from 374,900 tonnes.
Looking ahead, for the year ending September 30, Tharisa expects platinum production to be between 165,000 and 175,000 ounces, up from 157,800 ounces the year before.
However, chrome concentrate guidance has been reduced to between 1.55 million tonnes and 1.65 million tonnes from the previous range of 1.75 million tonnes and 1.85 million tonnes, driven by a lower chrome feed grade and slower ramp-up of the Vulcan plant near Rustenburg, South Africa.
"The team at Tharisa has completed a commendable quarter, maintaining strong production output which, supported by the favourable commodity markets, ensures a healthy balance sheet that will allow us to continue implementing our strategy. The global macrotrends are challenging but Tharisa Mine’s life of more than sixty 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," said Chief Executive Officer Phoevos Pouroulis.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Tharisa (THS)