Platinum and chrome miner Tharisa PLC (LON:THS) has reported another quarter of “steady production” and said it remains on track to meet production guidance for the current financial year as prices for the metal jumped.
The South Africa-focused miner revealed reef mined from the open pit in the final three months to March 31 2017 totalled 1,219.2 kt (thousands of tonnes), continuing to exceed the required guidance run rate.
Platinum group metals (PGM) recoveries were at 76.2%, resulting in PGM production of 34,300 ounces (oz).
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Total chrome concentrate production was 314.6 kt at a recovery rate of 62.5%, with specialty chrome production of 75.4 kt, or 24.0% of total chrome production.
Tharisa said PGM and chrome production remains on track to meet the full-year 2017 production guidance of 147.4 koz PGMs and 1.3 Mt chrome concentrates, of which 300 kt will be specialty grade chrome concentrates.
Phoevos Pouroulis, Tharisa’s CEO said: “With substantially increased chrome concentrate prices achieved during the first half of FY2017, together with solid operational performance, we continue to deliver on our low cost, profitable co-product business model."
The average per ounce PGM basket price for the three months ended March 2017 was US$783, which was US$43 an ounce higher than the US$740 price achieved in the quarter ended December 2016.
Average contracted metallurgical chrome prices at US$338 per tonne, was up 35.2% quarter-on-quarter
The group will report results for the half-year to March 31 results for FY2017 on or about May 16.
In early trading, Tharisa shares were 1.4%, or 2p higher at 142.5p.
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