(Alliance News) - Tharisa PLC on Tuesday maintained its production guidance for its current financial year, after reporting a double-digit increase in second quarter output.
For the three months ended March 31, production of 6E platinum group metals - platinum, ruthenium, rhodium, palladium, osmium and iridium - rose 12% year-on-year to 35,800 ounces from 32,100 ounces the year before, but fell 8.9% from 39,300 ounces the prior quarter.
Meanwhile, chrome concentrate output rose 16% to 358,400 tonnes from 310,100 tonnes a year before, but dropped 3.7% from 372,300 tonnes in the first quarter.
Over the quarter, Tharisa said the overall mining volume was affected by high seasonal rainfall, while severe lightning storms impacting in-pit operation time. In addition, platinum product was hurt by a secondary mill motor failure.
Looking ahead, for the year ending September 31, 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.
"Tharisa's second quarter performance saw an exceptional safety performance underpinned by solid production in what is traditionally our weakest quarter of the year," said Chief Executive Officer Phoevos Pouroulis.
"Despite the combined headwinds of extreme weather conditions as well as the ongoing impact of Covid-19 restrictions during the quarter, the continued optimisation of our operations resulted in consistent mining, underpinning our strategy of generating sustainable production from our long life assets," said Pouroulis added.
Shares in Tharisa were down 4.6% at 144.50 pence on Tuesday in London, while its Johannesburg shares remained untraded at ZAR29.36.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Tharisa (THS)