South Africa's Tharisa increases quarterly platinum group metals production
(Kitco News) - South African platinum group metals (PGM) producer Tharisa (JSE: THA, LSE: THS) announced today a record quarterly chrome concentrate output and increased PGM production supported by stronger pricing.
According to a report, the company's PGM production was up 8.9% quarter-on-quarter to 39.0 koz (up 11.4% year-on-year) as rougher feed grade improved by 7.8% to 1.52 g/t. Additionally, the company posted a record chrome concentrate production of 379.7 kt, which was up 5.9% quarter-on-quarter and 18.1% year-on-year.
Tharisa's PGM basket price was 15.6% higher quarter-on-quarter (Q3 2021 vs Q2 2021) and remains above US$3 000/oz at the time of writing, despite the recent decline in the rhodium price, highlighting the unique prill split benefits, the company said.
CEO Phoevos Pouroulis commented, "Operationally, the third quarter was one of the strongest in the company's history, with record mining and processing rates, supported by strong PGM and chrome pricing. Combined with reaching 5 million fatality free shifts and another excellent LTFIR, Tharisa remains on track to deliver safe and sustainable returns for all of our stakeholders."
The company added that its guidance is maintained at 155 koz to 165 koz PGMs (6E basis) and 1.45 Mt to 1.55 Mt of chrome concentrates.
Tharisa is an integrated resource group incorporating mining, processing, exploration and the beneficiation, marketing, sales and logistics of PGMs and chrome concentrates. Its principal asset is the Tharisa mine located in the South-Western Limb of the Bushveld complex, South Africa.