Tharisa reports 27% increase in third quarter reef mining volumes despite lower guidance

THARISA, the platinum and chrome mining company, on Wednesday reported a positive improvement in reef mining volumes by 27.7% to 1.45 million tons in the third quarter to June 30, but full-year production guidance was lowered.

- EDWARD WEST

"An improving quarter as our reef mining volumes trended higher after good progress in the east pit with remediation post the heavy rainfall in the first half of the year. Work on the phased underground transition is on track with the scheduled development timeline," CEO Phoevos Pouroulis said.

However, "in line with the nine months' performance to date, production is trending towards the lower end of guidance, and we consider it prudent to lower guidance by about 5% from the lower end of guidance, which was set at 140 koz PGMs and 1.65 mt of chrome concentrates," he said in a production update on Wednesday.

The Johannesburg and London listed company said that third-quarter PGM production increased to 34.5 koz, compared with 32.5 koz by the end of the second quarter.

Chrome production increased to 395.7 kt from 381 kt in the second quarter. Average PGM prices increased by 10.8% to $1 574/oz for the quarter.

Average metallurgical grade chrome concentrate prices increased by 24.7% to $293/t for the quarter.