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Environment|Mining|Platinum|Operations
Environment|Mining|Platinum|Operations
environment|mining|platinum|operations

Tharisa on track to meet yearly production guidance

13th April 2021

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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A resilient production performance feeding into a strong pricing environment has kept dual-listed Tharisa on track to achieve its full-year guidance.

Reporting on a “solid” quarter of production for the three months to March 31, Tharisa notes that platinum group metals (PGMs) production was up 11.5% year-on-year on a 6E (ruthenium, rhodium, palladium, osmium, iridium and platinum) basis to 35 800 oz, compared with the 32 100 oz produced in the quarter ended March 31, 2020.

On a quarter-on-quarter basis, PGMs production was 8.9% lower.

Chrome concentrate production (excluding third party) was up 15.5% year-on-year to 358 400 t. Output was, however, marginally lower than the 372 300 t produced in the quarter ended December 31, 2020.

Specialty grade chrome production, meanwhile, increased by 11.8% year-on-year to 85 600 t.

Mining volumes were impacted on by exceptionally high seasonal rainfall, with severe lightning storms impacting in-pit operation time, the miner says.

PGMs output was also affected by a secondary mill motor failure, which impacted on recoveries.

Operations at the mill have been restored to full capacity.

In terms of financials, Tharisa had a cash balance of $73.1-million at the end of the quarter and debt of $41.7-million resulting in a positive net cash position of $31.4-million.

The miner’s guidance for the full-year is maintained at 155 000 oz to 165 000 oz of PGMs (6E basis) and between 1.4-million and 1.5-million tonnes of chrome concentrates.

However, Covid-19 continues to remain a risk to the company and its forecasts and guidance are therefore premised on the current level of economic activity being maintained, it says.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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