Tharisa lowers full-year output target despite strong bounce

Tharisa, an SA-focused chrome and platinum group metals producer, has bounced back strongly from the country’s pandemic lockdown, but has lowered its full-year production forecast.

Tharisa, listed in Johannesburg and London, lifted the suspension on its production guidance for the year to end-September, notifying the market to expect PGM output to be between 130,000oz and 135,000oz and chrome concentrate production to range between 1.25-million and 1.3-million tonnes. SA’s government ordered a strict lockdown of the economy from March 27 to curtail the spread of the coronavirus, shutting mines and industry before gradually relaxing conditions in phases.

“These efforts, together with a very credible performance from the processing team has ensured our quarter-on-quarter production levels for both PGMs and chrome concentrates have shown increases at a time when we were not operating at full capacity,” he said. “Tharisa has sold its output for the quarter notwithstanding that rail and port logistics remain constrained,” Pouroulis said.There was no production at the K3 chrome plant that receives material from Sibanye-Stillwater. The plant should resume production later in July.

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