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Tharisa reports higher quarterly production as PGM sales return to pre-pandemic levels

The company also reintroduced revised production guidance for its 2020 financial year, forecasting 130-135koz and 1.25-1.3mln tonnes of chrome concentrates

Tharisa PLC - Tharisa reports higher quarterly production as sales return to pre-pandemic levels

Tharisa PLC (LON:THS) has reported higher quarterly chrome production as its sales of platinum group metals (PGM) returned to pre-pandemic levels.

For the quarter ended June 30, 2020, the miner said its activities in South Africa recommenced in full at the start of May and that in the three month period it had produced 321.4 kilotons of chrome, up 3.6% on the prior quarter, while PGM production rose 9% to 35 kilo ounces (koz).

READ: Tharisa PLC now operating chrome and PGM mines at full capacity, and enjoying renewed commodity price strength

The firm said its co-product model utilising mechanised and low labour intensive mining in an open pit had allowed it to maintain production at reduced measures despite the lockdown in South Africa and also to “significantly increase output during May and June”.

Tharisa reported that metallurgical chrome prices had also risen 10.9% during the quarter to US$143 per tonne.

Looking ahead, the company has reintroduced revised production guidance for its 2020 financial year, forecasting 130-135koz and 1.25-1.3mln tonnes of chrome concentrates.

“Operating results for the quarter have been exceptionally strong with both May 2020 and June 2020 achieving consecutive record [run of mine] output levels”, Tharisa chief executive Phoevos Pouroulis said in a statement.

“Together with good unit cost control, favourable PGM prices and higher pricing for chrome concentrate, the company remains strongly cash generative and financially solid.  Tharisa remains confident of replicating this strong performance in Q4", the CEO added.

The company’s shares jumped 6.2% to 63.7p in early deals on Thursday.

Quick facts: Tharisa PLC

Price: 77 GBX

Market: LSE
Market Cap: £206.73 m

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Tharisa presents at the Proactive One2One virtual conference

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