Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) told investors it performed well in its second quarter, building on its record first quarter, and that it remains on track to achieve its current guidance.
The company, which produces platinum group metals (PGMs) and chrome concentrates, highlighted consistent PGM output and a slight decrease in chrome production from the previous quarter.
Tharisa said it ended the quarter with US$70.6 million of net cash, after announcing a US$5 million share buy-back programme.
PGM volumes amounted to 35,300 ounces for the quarter, whilst the PGM price basket was marked at $1,343 per ounce – both metrics were in line with the prior quarter.
Chrome output was measured at 402,700 tonnes, down from 462,800 in the previous quarter, and the average metallurgical grade chrome concentrate price was described as steady, at US$286 per tonne.
“We continue to drive improvement in recoveries and efficiencies which is highly sensitive to the variability and oxidisation of the feed into our processing plants,” chief executive Phoevos Pouroulis said in a statement.
“The Karo Platinum Project development continues with smaller work packages aligned to capital availability, focusing on civil and infrastructure development, as we progress on the road to procure the necessary third-party financing to deliver the first phase into production.”
Pouroulis added: “A milestone in our innovation strategy was the official launch of Redox One, which is at the forefront of developing long-term energy storage solutions, using proprietary proven technology, to deliver a 'Mine-to-Megawatt' solution at a competitive storage cost compared to existing technologies.”
The company also noted that today marks the 10-year anniversary of its listing on the Johannesburg Stock Exchange, with Pouroulis commenting “the original vision of our chairman has been brought to fruition, a sustainable co-producer of PGMs and chrome from the MG reef horizon.”
“We have delivered deep value for our stakeholders, and building off our multi-generational resources we look to unlock latent value in process optimisation and novel downstream technologies."