Tharisa records highest ever full-year chrome production at 1.7Mt
London- and Johannesburg-listed chrome and platinum group metals (PGM) miner Tharisa increased its PGM production to 145 100 oz for the financial year ended September 30, from the 144 700 oz produced in the 2023 financial year.
The company also reported higher chrome production at 1.7-million tonnes, compared with 1.58-million tonnes in the prior year.
Notably, chrome production is the highest in the company’s history.
Tharisa reports that while the metallurgical-grade chrome price averaged 13.7% higher in the year at $299/t, the PGM price tracked lower at an average $1 362/oz – marking a 28% lower price average than that of the 2023 financial year.
The company has $217-million of cash on hand against debt of $108-million, resulting in a strong net cash position of $108-million in the reporting year.
Tharisa has set its production guidance for the 2025 financial year at between 140 000 oz and 160 000 oz of PGMs and between 1.65-million and 1.8-million tonnes of chrome.
CEO Phoevos Pouroulis comments that the company has made great progress on technical study work for underground development at the Tharisa mine, which will be a welcome addition to ensure mining flexibility alongside the openpit operations.
PGM prices, however, continue to be constrained by the latency of destocking pipelines. The general supply and demand balance is nonetheless shifting and PGM prices should trend stronger in the next 12 to 14 months, fuelled by the relevance of internal combustion engines.
In turn, chrome prices remain strong on the back of market fundamentals, with real growth being recorded in stainless steel, particularly in China.
Pouroulis remains optimistic about real demand growth for chrome, as well as the market fundamentals for PGMs.
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