Tharisa released its third quarter recoveries and production results for PGMs and chrome, reporting a PGMs recovery rate of 85.6 percent and production of 39,500 ounces. These stats have the company ahead of its target for the quarter.
Tharisa said it produced 39,500 ounces of PGMs during the period, an increase of 3.4 percent quarter-on-quarter, ahead of target for its recoveries and production and leaving the company with intentions to raise its PGMs output to 200,000 ounces by 2020.
“We look forward to delivering on our production guidance for the full financial year and on our growth plans outlined in Vision 2020 in conjunction with the highly prospective projects in Zimbabwe,” Tharisa CEO Phoevos Pouroulis said.
In addition to the company’s PGM production, Tharisa also boasted recoveries of chrome at 67.8 percent, which exceeded the targeted recovery rate of 65 percent.
Total chrome concentrate production was up 2.6 percent from this time last quarter with production reaching 376,300 tonnes.
Other notable Q3 production results, came from specialty grade chrome concentrate production, which was up 25.3 percent at 95,200 tonnes and hit record production of 59,600 tonnes being produced at the company’s Lomin K3 chrome plant, which was up 11.6 percent quarter-on-quarter.
On the back of positive third quarter results, Tharisa believes it can achieve its full-year production guidance of 150,000 ounces of PGMs and 1.4 million tonnes of chrome concentrate, of which at least 350,000 tonnes will be specialty grade chrome concentrate.
Going forward, Tharisa’s Vision 2020 projects will ensure that it delivers 200,000 ounces of PGMs a year, as well as 2 million tonnes of chrome concentrate a year by 2020.
“We look forward to delivering on our production guidance for the full financial year and on our growth plans outlined in Vision 2020 in conjunction with the highly prospective projects in Zimbabwe,” said Pouroulis.
In mid-June, Tharisa moved to expand its presence in Zimbabwe by acquiring 26.8 percent of Karo Mining for US$4.5 million. The deal will provide the miner with access to a highly prospective area spanning around 23,903 hectares in the Great Dyke region of Zimbabwe, which contains a potential PGM resource of about 96 million ounces.
COO Michelle Taylor stated, “[t]he acquisition presents an attractive opportunity to expand Tharisa’s PGM mining interests into Zimbabwe. It provides Tharisa with a low-cost, low-risk entry into a new geography and to access development projects that will offer the group the chance to replicate the success achieved at Tharisa Minerals.”
As of 1:48 p.m. EST on Tuesday (July 10), Tharisa was trading at ZAC 1,800.
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Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.