AUS
NZ
UK
CA
USA
IND
_10_04_2024_16_38_50_427275.jpg)
Highlights:
-
Tharisa PLC reported record chrome output of 1.7 million tonnes for the year, marking its highest production to date.
-
Platinum group metals (PGM) production remained steady at 145,000 ounces for the year, despite a decline in platinum prices.
-
The company maintained a strong cash position of $108.7 million at year-end, with production guidance set for the upcoming year.
South Africa-based miner Tharisa PLC {LSE:THS} announced that its chrome output for the year reached an all-time high, with total production amounting to 1.7 million tonnes (Mt). In the fourth quarter alone, chrome production totaled 426,000 tonnes, an increase compared to the previous year’s output of 1.58 million tonnes, demonstrating the company’s robust operational capabilities.
In terms of platinum group metals (PGM), Tharisa produced 145,000 ounces over the entire year, with fourth-quarter PGM output recorded at 37,000 ounces. While production levels remained stable, the prices for these metals reflected contrasting trends. Chrome prices increased by an average of 13%, reaching $299 per tonne and peaking at $314 in the fourth quarter. Conversely, platinum prices fell sharply, declining by 28% throughout the year and continuing to trend downward at year-end.
For the upcoming financial year, Tharisa has outlined production guidance of between 140,000 ounces and 160,000 ounces of PGMs (on a 6E basis) and between 1.65 million and 1.8 million tonnes of chrome concentrates. The company also reported a solid cash position of $108.7 million at the end of the year, indicating financial stability.
Chief Executive Phoevos Pouroulis emphasized that the year served as a “scene-setting” operational phase, highlighted by an excellent safety performance and record chrome production. He stated that chrome will continue to dominate the operational forecast, driven by strong demand, particularly from China.
Additionally, Tharisa has made significant progress in its underground development studies at the Tharisa Mine. The company is focused on enhancing its product through its proprietary process for producing chrome alloy, which is now being sold to commercial customers. Furthermore, Tharisa remains optimistic about the fundamentals of the PGM market and is advancing its Karo Platinum project, including ongoing plant construction efforts.
