Tharisa Minerals report seven fatality-free years at its operations

South African-based platinum and chrome miner Tharisa has announced a record of seven fatality-free years in its operations.

Tharisa, listed in the Johannesburg Stock Exchange and London, reported a considerably higher production in the 12 months to September 30 on Tuesday.

The company, Tharisa, says production increased across the board with improved recoveries at the Vulcan plant in Rustenburg.

The Johannesburg and London-listed Tharisa, in its financial year (FY) 2022, produced 13.6% more PGMs totalling 179 200 oz and 5.1% more chrome totalling 1 582 700 t.

“We continue to strive to be a zero-harm company,” said Tharisa CEO Phoevos Pouroulis.

“At the same time, the increasing importance of PGMs for the future of the hydrogen economy underpins our conviction that the fundamentals for these precious metals remain strong.

“Chrome prices were volatile during the quarter where they retreated in line with expectation, mostly due to stainless steel and ferrochrome production curtailments in China. Consequently, port inventory rose slightly, albeit off a very low base. Inflationary cost pressures, supply chain constraints, and the Covid policy in China remained key macro issues to the market. Towards the end of the quarter, increased demand stimulated a higher price environment as production of steel and alloy normalised.

“We believe that supply disruptions will mitigate a price retreat, in the face of pricing risks and slowing economies heading towards a recessionary environment.”

Mining Weekly posted that Tharisa’s PGMs basket price in the past year was 16.6% down at $2 564/oz but the annual metallurgical grade chrome price was 35.7% up at $209/t.

A cash balance of $143.4-million and a positive net cash position of $78.6-million is reported ahead of the groundbreaking at the Karo Platinum growth project in Zimbabwe in December, with inaugural production expected within the next 24 months.

In FY2023, six-element PGMs production is forecast at between 175 000 oz and 185 000 oz, and chrome concentrate production at 1.75-million tons to 1.85-million tons.

Pouroulis described FY2022 as being a rewarding year operationally for the mining company and that would translate to a strong set of financial results.

“This operational performance is built on key decisions we made some years ago with the goal of accelerating our growth strategy,” Pouroulis stated.

Although PGM prices were trading in the lower half of their 12-month range, Tharisa described them as not retreating as much as anticipated.

Main Image: Tharisa Mine/Mining Review Africa