Tharisa on target with good output

Tharisa posted a strong set of full-year operational numbers, lining itself up for 2019 production targets.

Tharisa posted a strong set of full-year operational numbers, lining itself up for 2019 production targets.

But the SA-focused chrome and platinum group metals (PGM) miner noted that while the sales price for the basket of six PGMs it produces had risen by nearly 15% in rand terms, the prices for both its chrome and its speciality chrome products had softened.

Operationally, the miner, which is listed in London and Johannesburg, recorded good recoveries of metals at its mine near Brits and at its chrome recovery project at Lonmin’s K3 shaft, exceeding its targets.

SPECIALITY GRADE

PGM production for the year to end-September increased by 6% to 152,200oz, with the price rising by 14.7% to R12,038/oz.

Chrome output increased nearly 9% to 1.448-million tons, with speciality-grade chrome, which fetches a premium price, making up a quarter of that.

The price for metallurgical chrome, which comprises the bulk of Tharisa’s production, fell 7% to $186 a ton, while speciality grade chrome prices dropped 9.4% to R2,415 a ton.

At the Lonmin project, Tharisa said it topped the production target by 11%, reaching 221,800 tons.

The year’s performance set Tharisa up to meet its 2019 targets of 160,000oz of platinum and 1.5-million tons of chrome.

Tharisa has been active during 2018, expanding its geographical footprint into neighbouring Zimbabwe, where it has secured stakes in undeveloped chrome and PGM deposits.

ZIMBABWEAN PROJECTS

“This strong operational performance at the Tharisa mine provides a solid foundation for the development of the highly prospective exploration projects in Zimbabwe,” Tharisa CEO Phoevos Pouroulis said.