Tharisa Announces Record Fourth Quarter Output

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Tharisa Mine
  • Record PGMS production of 43 700 oz
  • Chrome output up 4% to a record 395 700 t
  • Salene Chrome (Zimbabwe) is on track to commence production in Q1 FY2022
  • Karo Platinum (Zimbabwe) implementation studies completed

Johannesburg – Tharisa, a platinum group metals (PGMs) and chrome miner, today announced production report for the fourth quarter and year ended 30 September 2021.

Phoevos Pouroulis, CEO of Tharisa, said, “The fourth quarter of our financial year delivered the highest production of PGMs and chrome concentrates in the history of the Tharisa Mine.

This performance follows several strategic initiatives to optimise the operation, these have built a sustainable platform for Tharisa to deliver further significant growth over the long life of our open-pit operations.”

PGM production of 43.7 Koz was up 12% quarter on quarter from 39 Koz of 6E produced in the previous quarter ended 30 June 2021, delivering 157.8 Koz for the year, up 11% year on year (YoY) at an average PGM basket price of US$3 074/oz, which is up 80% YoY.

Chrome output of 395.7 kt was also up 4% QoQ, delivering 1 506.1 kt for the year, up 12% YoY at an average metallurgical grade chrome price of US$154/t, up 10% YoY.

The record production performance further strengthened the Company’s balance sheet and ending the year with a cash balance of US$83.4 million and a positive net cash position of US$47.9 million.

“The continued improved performance over the past twelve months was achieved through the proficiency, commitment and focus of all our staff, who not only delivered our results safely, but did so in the face of COVID-19 uncertainty, which saw thousands of man hours lost during the past 12 months,” Pouroulis said.

The JSE-listed miner with operations in Zimbabwe through Karo Holdings and Salene Chrome expects to produce between 165 Koz and 175 Koz of 6E PGMs and between 1.75-million and 1.85-million tonnes of chrome concentrate in the 2022 financial year.

“In Zimbabwe, the exciting developments with Salene Chrome, in the construction phase, as well as the progress on the development of Karo Platinum, will contribute to Tharisa’s growth trajectory over the next two years,” Pouroulis said.

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