Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) said mining volumes were constrained in its latest quarter to end June 2023, though cash on hand rose as chrome prices remained healthy.
Phoevos Pouroulis, the South Africa-based miner's chief executive, noted that continued favourable chrome pricing offset PGM (platinum group) pressures resulting in strong free cash generation.
Metallurgical grade chrome concentrate prices rose 7.8% quarter on quarter to average US$290/t lifting net cash at the period end 40% to over US$141mln,
PGM output rose slightly over the three months to 37,000oz, while chrome production dipped slightly to 378,800 tonnes.
For the nine months of the year so far, Tharisa noted PGM output is down 20% at 114,000oz with chrome production flat at 1.17mln tonnes.
In Zimbabwe, the Karo platinum project remains on track with major milestones of first concrete pour and pilot mining now underway.
Pouroulis added:“ The quarter also allowed us to review our in-pit mining plan with the appointment of a waste material contractor helping to ensure sustainable access to the required reef horizons.
“Our output will, however, remain subdued for the remainder of the year as we focus on mining flexibility for sustainable reef operations.”