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.