South Africa-based miner Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) said chrome output in the year just ended was the highest in its history with platinum group metals (PGM) production also steady.
Chrome output totalled 426,000 tonnes (kt) in the fourth quarter and 1.7Mt for the year overall, compared to 1.58Mt in the year ended September 2023.
Fourth quarter PGM production amounted to 37,000oz with 145,000oz produced over the whole year or up marginally on the previous twelve months.
Prices for the respective metals are a different story, however, with chrome rising by an average of 13% to US$299 a tonne and hitting US$314 in the fourth quarter.
Platinum, though, slumped by 28% over the year and was still edging lower at the end.
Tharisa guided to production for the current year of between 140,000oz and 160,000oz PGMs (6E basis) and 1.65 Mt to 1.8 Mt of chrome concentrates, adding its net cash position at the year-end was US$108.7 million.
Phoevos Pouroulis, chief executivTharisa, said it had been a “scene-setting" operational year underpinned by an excellent safety performance.
“With safety a core value, we have seen the success of record chrome output supported by guidance meeting PGM production.
“For the coming year we are setting a similar target, with chrome dominating the operational forecast as we see real demand in China and beyond.
"We have made great strides in furthering our technical study work on the underground development at the Tharisa Mine
"Our continuing drive to beneficiate our product saw us successfully produce chrome alloy from a unique and proprietary process developed by our research and development business Arxo Metals and are selling this final alloy to commercial customers.
"We remain optimistic on the fundamentals of the PGM market and have thus continued to optimise our Karo Platinum project and have progressed with the plant construction."