Tharisa PLC Q3 FY2024 Production Report: PGM and Chrome Output Increase

Tharisa PLC announced its Q3 FY2024 production results. The report covers the quarter ended June 30, 2024. Tharisa is dual-listed […]

Tharisa PLC announced its Q3 FY2024 production results. The report covers the quarter ended June 30, 2024. Tharisa is dual-listed on the Johannesburg and London stock exchanges. The company saw positive trends in production and financials.

Safety Performance

Tharisa reported strong safety performance in Q3 FY2024. The Lost Time Injury Frequency Rate (LTIFR) improved significantly.

  • Tharisa Minerals: LTIFR of 0.03 per 200,000 man hours.
  • Karo Platinum: LTIFR of 0.10 per 200,000 man hours.

Both sites recorded no lost time injuries in the financial year under review.

Production Highlights

Tharisa achieved notable production increases in Q3 FY2024. PGM production rose, while chrome production also saw an uptick.

MetricQ3 FY2024Q2 FY2024Change (%)
PGM production (koz)36.935.34.5%
Chrome production (kt)410.2402.71.9%
PGM basket price (US$/oz)1,3911,3433.6%
Chrome price (US$/t)3092868.0%

Financial Performance

Tharisa reported a robust financial position at the end of Q3 FY2024. The company’s cash balance and debt levels improved.

  • Cash on hand: US$189.9 million (up from US$184.6 million in Q2 FY2024).
  • Debt: Reduced to US$97.7 million (down from US$114.0 million in Q2 FY2024).
  • Net cash position: Increased to US$92.2 million (up from US$70.6 million in Q2 FY2024).

Tharisa’s US$5 million share repurchase program is on track. By the end of June 2024, 1,600,058 shares were repurchased.

Operational Update

Tharisa’s mining and processing operations delivered as planned. Key operational metrics showed positive trends.

MetricQ3 FY2024Q2 FY2024Change (%)
Reef mined (kt)1,261.91,035.021.9%
Reef milled (kt)1,396.11,378.51.3%
PGM rougher feed grade (g/t)1.571.66-5.4%
PGM recovery (%)68.562.98.9%
Chrome concentrates produced (kt)410.2402.71.9%
Chrome recovery (%)67.366.41.4%

Market Update

Tharisa reported stable PGM and chrome prices in Q3 FY2024. PGM prices increased slightly, suggesting the market may have bottomed out. Chrome prices continued to rise due to strong demand and low port inventories.

  • PGM basket price: US$1,391/oz (up 3.6% from Q2 FY2024).
  • Chrome price: US$309/t (up 8.0% from Q2 FY2024).

Karo Platinum Project

The Karo Platinum project in Zimbabwe is progressing well. Construction is aligned with capital availability, and funding solutions are on track.

Outlook

Tharisa maintained its production guidance for FY2024. The company expects to produce between 145 koz and 155 koz PGMs and 1.7 Mt to 1.8 Mt of chrome concentrates.

CEO’s Comment

Phoevos Pouroulis, CEO of Tharisa, expressed pride in the company’s safety achievements. He highlighted the operational improvements and the focus on sustainable mining.

“This third quarter marks nine months since we last recorded a lost time injury. Our systems and continuous focus on safe production and zero harm keep our people safe,” Pouroulis said.

He added that the company delivered as planned, with improved mining and plant recoveries. Tharisa’s structural improvements position it well for a strong final quarter.

Conclusion

Tharisa PLC’s Q3 FY2024 report shows a company on a positive trajectory. With improved safety, increased production, and strong financials, Tharisa is well-positioned for future growth. The company remains committed to sustainable mining and advancing its key projects.


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