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Tharisa PLC

Tharisa now ‘on track’ to meet its 2020 production targets

“We have made considerable progress in redesigning the pit, which necessitated moving almost 1.3 million cubic metres of additional in-pit material over the last six months.”

mining
Tharisa shares gained 2.6%

Tharisa plc (LON:THS) told investors it is ‘on track’ to meet its 2020 production targets thanks to “substantial improvements” in the second quarter mining operations.

The company, in a statement, said that in the quarter ended 31 March it saw an improvement in reef tonnes mined and stripping ratio, meanwhile, production drilling activity improved by 9.5%.

It has now completed two thirds of necessary material removal from the pit, as part of the pit optimisation programme.

READ: Tharisa ready to “implement next phase of growth”

Platinum recovery rates stood at 85.5%, with PGM production amounting to 34,000 ounces which represents a 1.2% improvement quarter-on-quarter. Chrome recovery came in at 62.9% and it production totalled 308,700 tonnes, up 1.1%.

"I am pleased to report that we are once again on track to meet our Vision 2020 targets in part assisted by substantial improvements from our mining operations in the second quarter,” said Phoevos Pouroulis, Tharisa chief executive.

“We have made considerable progress in redesigning the pit, which necessitated moving almost 1.3 million cubic metres of additional in-pit material over the last six months.”

Pouroulis added: “We are also pleased that our recoveries are once again heading to industry best standards due to sustainably providing fresh ore to the plants rather than the inclusion of lower grade tailings.

“To support the delivery of our targets, we have fully assessed the mining fleet and brought forward the mining equipment replacement programme, where necessary.

“Tharisa has also made the appropriate investments to ensure the supply of consistent power to our operations in view of the uncertain power situation in South Africa over the last few months."

Quick facts: Tharisa PLC

Price: £1.18

Market: LSE
Market Cap: £310.23 m
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Tharisa PLC books good cash and profit despite 'tough' first half

Phoevos Pouroulis, chief executive of Tharisa PLC (LON:THS), tells Proactive London's Andrew Scott that while the first half of the company's financial year presented a few challenges with lower chrome prices and reduced sales he's confident of a strong operational performance for the...

on 15/5/19

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