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More production records at chrome and platinum miner Tharisa

Published: 08:21 10 Jul 2017 BST

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Recoveries of platinum hit a record

Tharisa PLC (LON:THA) is seeing signs of stability in the chrome market after sharp falls recently in the price of the metal.

Liquidity has returned on the back of continued stainless steel demand and consumption out of China, it said, "while the fundamentals of the global stainless steel market remain sound.” 

Tharisa notched a up another quarter of record production at its mine in South Africa with rising output of specialty chrome concentrates, which attract a premium price.

WATCH: Tharisa notches up another record quarter of production

A record 1.275 mln tonnes was mined in the three months to June leading to chrome concentrate production hitting a new quarterly high at 334,000t, a 6.1% quarter on quarter increase.

Within that, high grade specialty chrome production rose 26% to 87,000t, while production of platinum and associated metals rose 3.2% to 35,400oz.

PGM recoveries at 81.3% and chrome recoveries at 66.0% exceeding targeted recoveries of 80.0% and 65.0% respectively. 

PGM and chrome production remains on track to meet the FY2017 production guidance of approximately 147.4 koz PGMs on a 6E basis and 1.3 Mt chrome concentrates, of which 300 kt will be specialty grade chrome concentrates.”

Phoevos Pouroulis, chief executive, said: "Tharisa Minerals has again shown incremental improvements in production volumes and recoveries. 

“We continue to examine ways to further optimise our operations and look forward to achieving our targeted recoveries and production outlook for the financial year."

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