Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) has maintained its full-year production guidance for platinum group metals (PGMs) and chrome despite reporting a mixed second-quarter hit by heavy rains, lightning, and continued global uncertainty.
The South Africa-based miner, listed in Johannesburg and London, said it still expects to produce between 140,000 and 160,000 ounces of PGMs and 1.65 to 1.8 million tonnes of chrome concentrates in the financial year to September 2025.
In the three months to the end of March, Tharisa lifted PGM output to 32,500 ounces, up from 29,900 ounces in the previous quarter. Chrome production also rose modestly to 381,000 tonnes.
But extreme weather, including what the company described as “unprecedented rainfall” and record lightning strikes, disrupted operations and forced higher in-pit evacuations, affecting both volume and ore quality.
Chief executive Phoevos Pouroulis said the drier winter months should help bring production back to more normal levels in the second half of the year.
A definitive feasibility study on the planned underground expansion at Tharisa Minerals remains on track for approval later in 2025.
The quarter also saw chrome prices rebound from late 2024 lows. Spot prices are now trading at around $300 per tonne, although Tharisa’s average price for the period was $235 per tonne, down from $271 in the previous quarter. PGMs fetched an average of $1,421 per ounce, up slightly from $1,381.
Pouroulis warned that while Tharisa’s commodities are not directly affected by newly implemented US trade tariffs, downstream products containing PGMs and chrome could be hit - particularly in sectors such as stainless steel and automotive manufacturing, where global demand is already fragile.
Group cash stood at $186 million at the end of March, up from $175 million three months earlier. Net cash slipped to $79 million due to a rise in debt, which climbed to $107 million from $86 million in December.
Safety performance remained strong, with no serious incidents reported. The company logged a lost time injury frequency rate of just 0.02 per 200,000 hours worked at its Tharisa Minerals site and 0.08 at Karo Platinum.
Looking ahead, Tharisa said its longer-term growth plans remain intact. While the macroeconomic picture is clouded by rising trade friction and slowing global growth, the company expects chrome demand from China to stay resilient and is continuing infrastructure work at its Karo Platinum project in Zimbabwe in line with available funding.
Despite short-term volatility, Tharisa’s output levels, steady cost control and exposure to rebounding chrome prices have allowed it to reaffirm its full-year targets - a rare note of stability in a sector facing growing external pressures.