Tharisa Shines in Q3: Strong Production and Cash Growth

  • Tharisa reports strong Q3 FY2023 production: Increased PGM output and steady chrome production.
  • Cash balance strengthened: Tharisa ends the quarter with a net cash position of over ZAR 2.6 billion.
  • Karo Platinum Project progress: Major milestones achieved, including first concrete pour and pilot mining.

Tharisa plc, the dual-listed platinum group metals (PGMs) and chrome co-producer, has released its production report for the third quarter ended June 30, 2023. The company showcased robust performance with increased PGM output, steady chrome production, and a strengthened cash balance.

Key Highlights:

  1. Safety Achievement: Tharisa maintained its commitment to health and safety, achieving a Lost Time Injury Frequency Rate (LTIFR) of 0.06 per 200,000-man hours worked.
  2. PGM and Chrome Production:
    • PGM output increased to 37.0 thousand ounces (koz) compared to 34.3 koz in the previous quarter, with maintained yield and improving recoveries.
    • Chrome production marginally decreased to 378.8 thousand metric tons (kt) from 404.8 kt in the previous quarter, driven by steady grades, yield, and recoveries.
  3. Mining Volumes: Tharisa faced constrained mining volumes during the quarter, which impacted overall production.
  4. Chrome Concentrate Prices: Metallurgical grade chrome concentrate prices experienced a quarter-on-quarter increase of 7.8%, averaging US$290 per ton (t) (approx. ZAR 5,510/t) compared to US$269/t in the previous quarter.
  5. Karo Platinum Project: Tharisa made significant progress with its Karo Platinum Project, achieving major milestones such as the first concrete pour and commencing pilot mining.
  6. Cash Balance: Tharisa’s cash on hand grew by US$36.8 million to US$242.6 million (approx. ZAR 4,607.4 million) compared to US$205.8 million in the previous quarter, resulting in a net cash position of US$141.5 million (approx. ZAR 2,687.1 million).
  7. Strong Balance Sheet and Growth: Tharisa’s solid financial position enables it to support business growth while providing returns to shareholders.

Tharisa’s Q3 FY2023 Production Numbers:


Q3 FY2023Q2 FY2023QoQ Movement (%)
PGMs produced (koz)
Chrome concentrates
produced (kt)378.8404.8-6.4
Average PGM contained
metal basket priceUS$1,695US$2,032-16.6
Metallurgical grade
chrome concentrate
contract price (US$/t)2902697.8

Tharisa CEO Phoevos Pouroulis commented on the report, stating, “

“The unique co-product model was again highlighted with the Company benefitting from continued favourable
chrome pricing while dealing with PGM pricing pressures, resulting in strong free cash generation – ending the
period with a further strengthened balance sheet with net cash of over US$140m.”

He also highlighted the progress made with the Karo Platinum Project and expressed confidence in Tharisa’s ability to weather the current market environment and deliver shareholder returns while sustainably growing the business.

Visited 1 times, 1 visit(s) today

Stay ahead in the financial world – Sign Up to Rateweb’s essential newsletter for free. Get the latest insights on business trends, tech innovations, and market movements, directly to your inbox. Join our community of savvy readers and never miss an update that could impact your financial decisions.

Do you have a news tip for Rateweb reporters? Please email us at


Start trading with a free $30 bonus

Trade stocks, forex, commodities, metals and CFDs on stock indices with an internationally licensed and regulated broker. For all clients who open their first real account, XM offers a $30 trading bonus without any initial deposit needed. Learn more about how you can trade over 1000 instruments on the XM MT4 and MT5 platforms from your PC and Mac, or from a variety of mobile devices.


Personal Financial Tools

Below is a list of tools built to assist South Africans to make the best financial decisions:



South Africa’s primary source of financial tools and information

Contact Us


Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.