Platinum group metals (PGMs) and chrome miner Tharisa Minerals has reported a decline in its mining volumes to 1.08-million tonnes in the quarter ended December 31, owing to “unprecedented rainfall”.
This compares to mining volumes of 1.31-million tonnes in the quarter ended September 30, and 1.41-million tonnes mined in the quarter ended December 31, 2021.
As a result, the company’s platinum, palladium, rhodium, iridium, ruthenium and gold (6E) PGMs production came in lower at 42 700 oz in the quarter under review, compared with the 45 300 oz of PGMs produced in the preceding quarter and the 47 700 oz produced in the comparable quarter of 2021.
Chrome concentrate production also took a hit, with Tharisa having produced 383 100 t in the reporting quarter, compared with 416 200 t of chrome concentrate produced in the prior quarter and 401 800 t produced in the comparable quarter of 2021.
Tharisa reports that its processing efficiencies were also impacted by increased processing of oxidised ore and variable run-of-mine stockpiles.
The company nonetheless maintains its PGMs guidance for the 2023 financial year at between 175 000 oz and 185 000 oz, and its chrome concentrates guidance at between 1.75-million and 1.85-million tonnes.
Meanwhile, Tharisa is on track to increase output from the Vulcan plant by the second half of the 2023 financial year, which ends on September 30, 2023, following optimisation work.
The company also continues to advance construction at the Karo platinum mine, in Zimbabwe, following a successful groundbreaking in the quarter under review. The mine will be the company’s second Tier 1 PGMs asset.
Tharisa maintains a net cash position of $101-million.
CEO Phoevos Pouroulis comments that although output was hampered by an annualised increase of 27% in rainfall and access to the pit was hampered owing to the high water level, the company’s changes to the pit layout have provided significantly better drainage.
“Despite some operational headwinds at the Tharisa mine, in North West, the company delivered a solid quarter of PGMs and chrome production, underpinning the company’s commitment in delivering on stakeholder expectations.”