Tharisa expects chrome, platinum metals output to continue growing
Tharisa, a chrome and platinum group metals (PGM) mining company, reported increased full-year production of both commodities, with higher chrome prices received for the period.
Tharisa, which is listed in Johannesburg and London, reported an 8.3% increase in PGM production to 143,600oz for the year to end-September, while chrome concentrate was up 7% to 1.3-million tonnes. Speciality grade chrome output grew 20% to 323,100 tonnes.
In its production report for the year, Tharisa noted the received price for the basket of PGMs it produced fell by 3.6% to R10,492/oz, while the price of its chrome was 52% higher at R2,667 a tonne. In dollar terms, the chrome price was up 67% at $200 a tonne.
Its speciality grade chrome receives a premium of about $30 a tonne on top of the chrome price.
Looking ahead, Tharisa expects 2018 PGM production of 150,000oz and chrome output of 1.4-million tonnes, of which 350,000 tonnes is specialty chrome.
"We see more potential in the year ahead and will be embarking on unlocking greater value through the successful transition to owner mining, primarily focusing on reducing dilution and improving feed grades from within the open-pit," said CEO Phoevos Pouroulis.