Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) increased production of both platinum and chrome in the year to end-September 2022, putting it on course for a “strong set of financial numbers”, it said.
The South Africa-based miner increased its annual output of platinum by 14% to 179,200oz after a steady final quarter saw production of 45,300oz or slightly higher than the previous three months.
Platinum prices (PGMs) eased 10% over the quarter to a basket price of US$2,400 per oz.
Annual chrome production rose by 5% to 1.58mln tonnes with the fourth quarter seeing a 7% uplift as grades improved.
Over the year, chrome prices rose by 36%, though there was some weakness towards the end.
For the current 12 months, Tharisa expects to produce between 175,000oz and 185,000oz PGMs and 1.75Mt to 1.85Mt of chrome concentrates.
The group is also set to break ground on its new Karo platinum project in Zimbabwe in December.
Phoevos Pouroulis, chief executive, said: "Operationally, this has been a rewarding year that will translate to a strong set of financial results, despite the macro challenges that have impacted global supply chains, inflation, and the mining sector.
“Central to our success has been the continued efficiency at our flagship Tharisa Mine, where production increased across the board, with the Vulcan Plant contributing to increased production resulting in improved recoveries.
"One of Tharisa's core values is maintaining a strong health and safety record. This was again achieved during the year, delivering seven fatality-free years and six million fatality-free shifts. We continue to strive to be a zero-harm company.
"The next major milestone is 'ground-breaking' at the Karo site in December 2022, as this PGM asset moves into the construction phase, with inaugural production planned for within the next 24 months.“