Tharisa keeps guidance unchanged as it eyes Covid-19 threat

JOHANNESBURG. – Tharisa, a chrome and platinum group metals ( PGMs) miner, with mining interest in Zimbabwe says it is on track to meet its 2021 production guidance, with SA’s return to level 3 lockdown not disrupting activity.

PGM production was up 14,2 percent year-on-year to 39,300 ounces to end-December, the group’s first quarter, with the average PGM basket price increasing 22,9 percent to $2,399 per ounce (R37,410/oz) from the miner’s fourth.

Chrome concentrate production, excluding third parties, was up 8,7 percent year- on-year to 372,300 tonnes, with prices largely stable.

Tharisa has stuck to its full-year production guidance of 155 000 to 165000 ounces of PGMs, and 1,45-million tonnes to 1,55-million tonnes of chrome concentrates.

It operates a mine near Brits in North West and has two plants, Voyager and Genesis, to recover chrome and PGMs, and had 1 868 employees at the end of September.

“The first quarter provided a solid platform for Tharisa to meet its production guidance for the current financial year with all metrics delivering strong growth versus the same period in full year 2020,” said chief executive Phoevos Pouroulis.

“The consistent performance has been delivered in a strong spot market for PGMs in particular and stable chrome prices,” said Pouroulis.

The increase in Covid-19 infections remains a risk to the company, it said, adding forecasts and guidance are premised on the current level of economic activity permitted by government regulations. — BusinessLIVE.