- PGM production up by 9%
- Reef tonnes mined increased by 14.2%
- Mine achieved record output for both May and June
Harare- JSE-listed PGM and chrome miner, Tharisa Minerals which has operations in Zimbabwe through Karo Holdings registered a 9% growth in PGM production in the quarter ended 30 June 2020 (Q3 2020) in spite of reduced recoveries.
PGM production in the quarter increased to 35.0 koz from 32.1 koz recorded in the prior quarter ended 31 March 2020 (Q2 2020).
PGM recoveries were however lower at 78.7% from 83.7% in the prior quarter mainly as a result of processing of oxidized above ground run-of-mine (ROM) inventories.
The Company stated that co-product model utilizing mechanized and low labour intensive mining in an open pit environment, has allowed it to maintain production at reduced levels during the COVID-19 induced lockdown and significantly increase output during May and June
Reef tonnes mined in the period under review increased by 14.2% from 1 131.1 kt mined in the second quarter to 1 291.3 kt while tonnes milled rose by 4.6% to 1 220.2 kt from 1 166.9 kt in the prior quarter.
Tharisa said it achieved record output when measured in ROM tonnages for both May 2020 and June 2020, with June just missing the half a million tonne mark at 498.7 kt.
Chrome concentrate output increased by 3.6% quarter on quarter to 321.4 kt comprising 250.9 kt metallurgical grade and 70.5 kt of specialty grade.
The miner’s Genesis Plant which is focused on chrome and specialty chrome products and the larger capacity Voyager Plant are now both operating at full capacity following the relaxation of lockdown restrictions to level 3.
Commenting on the quarter’s performance, Tharisa CEO, Phoevos Pouroulis stated the Company remains strongly cash generative and financially solid and that it remains confident of replicating the strong Q3 performance in Q4.
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