Tharisa PLC (LON:THS) upped production in its latest quarter as benefits from a restructuring of its Platinum and chrome mine in South Africa started to come through.
The pit layout was revised, waste stripping improved and bottlenecks eased at the production plants.
That has meant disruption and lower production overall this year said chief executive Phoevos Pouroulis, but Tharisa is now on track to hit meet its target run-rate of 200,000oz of Platinum and 2mt of chrome per year by the end of 2020.
Amounts mined rose by 8% to 1.25Mt in the final quarter to September, with Platinum recoveries 11% higher at 38,000oz while chrome production rose slightly to 342,000t even though recoveries dropped.
Over the full year, Tharisa produced 139,000oz of platinum (PGMs) and 1.29mt of chrome and today forecast a rise to between 155,000 oz to 165,000oz PGMs and 1.45 Mt to 1.55 Mt of chrome concentrates in the current twelve months.
Year-on-year average PGM prices received rose by 17% to US$1,081/oz, though chrome prices dropped 13% and have fallen further.
“The key remaining investment to achieve our production goal, the Vulcan plant, is under construction and remains firmly on track for commissioning in calendar Q4 2020s,” said Pouroulis.
Results from early exploration in Zimbabwe at Karo Platinum were also encouraging, he added.