- Average PGM contained metal basket price rose to US$1951 per ounce
- Platinum price increased by 20%, Palladium by 15.6% and Rhodium by 8.9%
- Production volumes rose for all PGMs
Harare – The record prices of Platinum Group Metals (PGM) as well as increased volumes for the quarter ended 30 September 2020 experienced by exploration, mining and processing group, Tharisa surged the company’s revenue for the quarter.
The average PGM contained metal basket price increased by 22.5% compared to the prior quarter from US$1593 per ounce to US$1951 per ounce, a record high.
The price of platinum per ounce moved up 20% from US$751 in per ounce in the prior quarter to US$901 per ounce in the quarter in review while production volumes increased by 15.8% to come to 22 700 ounces up from 19 600 ounces.
Palladium accumulated in value from US$1 975 per ounce to US$2 283 per ounce, representing a 15.6% increase while production volumes rose by 8.9% from 5600 ounces to 6100 ounces.
Furthermore, Rhodium experienced a 41.6% price increase and 14.7% volume accumulation from US$7 401 per ounce to US$10 482 per ounce and from 3 400 ounces to 3 900 ounces respectively.
Commenting on the production results, Tharisa CEO Phoevos Pouroulis, said:
“Growing the business and increasing production not just on a quarter on quarter, but a year on year basis despite the challenges of COVID-19, is a tribute to the extraordinary resilience and resourcefulness of all of our employees at Tharisa.”
The results prompted the company to set a guidance for FY2021 of between 155 000 and 165 000 ounces for PGMs
The positive production performance is accredited to the use of mechanised and low-labour intensive mining and increased mine development that took place over the last year.
Meanwhile Chrome did not perform so well, recording a selling price 13.6% lower than for the previous year from.
Equity Axis News.