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Tharisa PLC said on Wednesday that improvement in mining and plant recoveries helped boost its platinum group metal and chrome concentrate production for the third quarter of its financial year. The Cyprus-headquartered platinum miner reported a 4.5% rise in PGM output to 36,900 ounces for the third quarter that ended June 30 from 35,300 ounces a year earlier. But PGM output for nine months to June 30 declined 5.4% to 107,900 ounces from 114,000 ounces a year before. PGM prices for the third quarter were at slightly higher than in the previous quarter, supporting the notion that the ‘bottom of the market’ has passed, the company said. But the group warned that prices continue to be influenced by ongoing inventory destocking, the pace of which is dependent on economic activity. Chrome concentrate output in the third quarter was up 1.8% to 410,200 tonnes, compared to 402,700 tonnes. For nine months, chrome production rose 9.5% to 1.27 million tonnes from 1.16 million tonnes. Average metallurgical grade chrome concentrate prices grew 8% to $309 per tonne in the third quarter from $286 a tonne in the second quarter, underpinned by strong fundamental demand. ‘Operationally we delivered as planned, with improved mining and plant recoveries resulting in overall PGM and chrome concentrate production increases,’ Tharisa Chief Executive Officer Phoevos Pouroulis said. The Karo platinum project in Zimbabwe is progressing well, with construction aligned with capital availability and the various funding solutions progressing according to plan. The miner maintained its annual PGM production guidance at between 145,000 ounces and 155,000 ounces for the financial year ending September 30, from 144,700 ounces a year before. Full-year chrome concentrate production remains at between 1.7 million tonnes and 1.8 million tonnes, compared to 1.58 million tonnes. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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