LONDON (Alliance News) - Mining firm Tharisa PLC said Thursday second quarter platinum and chrome production increased on the quarter, despite dipping on the year prior, as it made progress towards achieving its longer term targets.
For the three months ended March, 6E platinum group metals - platinum, ruthenium, rhodium, palladium, osmium and iridium - production rose 1.2% to 34,000 ounces from 33,600 ounces the quarter prior but 11% below the 38,200 the year before.
Chrome concentrate production for the three months grew 1.1% to 308,700 tonnes from 305,400 tonnes the quarter prior. Quarterly production, however, was 16% below the 366,700 tonnes produced the year before.
"I am pleased to report that we are once again on track to meet our Vision 2020 targets in part assisted by substantial improvements from our mining operations in the second quarter," Tharisa Chief Executive Phoevos Pouroulis said.
Tharisa has a target to achieve 200,000 ounces of 6E platinum group metals and 2.0 million tonnes of chrome concentrate by 2020.
"We have made considerable progress in redesigning the pit, which necessitated moving almost 1.3 million square metres of additional in-pit material over the last six months," Pouroulis added. "When this is factored into our overall strip ratio, we are now tracking our life-of-mine strip ratio. This illustrates that Tharisa has capacity to mine the volumes required to meet our Vision 2020 targets."
"We are also pleased that our recoveries are once again heading to industry best standards due to sustainably providing fresh ore to the plants rather than the inclusion of lower grade tailings," Pouroulis said. "To support the delivery of our targets, we have fully assessed the mining fleet and brought forward the mining equipment replacement programme, where necessary. Tharisa has also made the appropriate investments to ensure the supply of consistent power to our operations in view of the uncertain power situation in South Africa over the last few months."
For the year, Tharisa is targeting a minimum of 150,000 ounces of 6E platinum group metals and 1.4 million tonnes of chrome concentrate. Of this concentrate, Tharisa is targeting 25% of this concentrate to be speciality grade.
Tharisa (THS)