Tharisa shares surge as platinum miner beats production target
Tharisa says it is well on track to meet targets for platinum group metals and chrome, though a strong rand has taken some of the fizz out of higher metals prices
Tharisa’s share price jumped 9.5% to R21.25 on Tuesday morning, after the platinum miner said its second-quarter production beat its target.Tharisa produced 38,200oz of platinum group metals (PGMs) during the March quarter, up 11.4% from the matching quarter in 2017 but down 1.5% from the December quarter.For the six months to end-March, Tharisa’s PGM production rose 11.4% to 77,000oz from 69,100oz. The average price it received rose nearly 20% to $909/oz from $760/oz. In local currency, the stronger rand lessened this to a 13% increase to R11,606/oz from R10,306/oz.Chrome production for the first half of its financial year rose 15% to 732,500 tonnes, but the average price received fell 31% to $193 a tonne from $278 a tonne.The strengthening rand worsened that in local currency to a 36% drop to R2,436 a tonne from R3,783 a tonne."Tharisa remains firmly on track to achieve its 2018 financial year production guidance of 150,000oz of PGMs and 1.4-million tonnes of chrome concentrates,...
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