Production was stable in fourth quarter of 2019, says Tharisa
Chrome and platinum miner reports solid output in the three months to end-December despite weather and load-shedding causing disruptions
Chrome and platinum group metals (PGMs) miner Tharisa said on Friday its production levels were stable in the three months to end-December, even as it battled inclement weather and load-shedding.
It said on Friday reef tons mined was up 4.8% from the same quarter in 2018, but 8.4% lower than the previous quarter ended September 2019, as inclement weather affected its open pit operation.
Tharisa, a Cyprus-registered company listed in London and Johannesburg, operates a chrome and platinum group metals mine near Brits.
Rainfall during December was 137% higher than the previously recorded highest rainfall in the five prior years, said Tharisa.
Standby power generating capacity mitigated the affect of Eskom load-shedding on the processing plants, though the increase to “Stage 6” and the resultant electricity curtailment did result in an overall reduction in tons milled, which had a further impact on overall chrome production, Tharisa said.
“A solid operational performance from mining and processing led to a stable quarter despite the adverse impact of weather, and the well-publicised Eskom power shortages,” said CEO Phoevos Pouroulis.
Tharisa’s share price was unchanged at R15.75 on Friday morning.