Tharisa PLC (LSE:THS, JSE:THA) said its platinum group metals (PGMs) and chrome production fell in its second quarter from the record first quarter due to mill breakdowns, although metal prices were stronger.
It produced 44,100 ounces of PGMs in its second quarter to end-March 2022, down 7.5% from its first quarter, while the average PGM basket price jumped 17.2% to US$2,806 an ounce. Chrome output declined 6.7% to 374,900 tonnes as the average price grew 9.9% to US$177 a tonne.
"Another safe and strong mining performance in what is traditionally our toughest operating quarter,” said chief executive Phoevos Pouroulis. “Mining rates remain at record levels with production being impacted by certain secondary mill challenges which have since been addressed.
“This quarter's output, though slightly lower, needs to be measured against our record-breaking quarterly run rate and our step change to higher output remains intact on an annualised basis. Despite these challenges, on a half-year comparable basis to 2021, PGM and chrome concentrates production increased by 22.2% and 6.3% respectively.”
The company maintained its full-year production guidance of 165,000-175,000 ounces of PGMs and 1.75-1.85 million tonnes of chrome concentrates.
Tharisa ended its second quarter with a cash balance of US$101.5mln and a positive net cash position of US$25.9mln.