9th Jul 2025 08:24
(Alliance News) - Tharisa PLC on Wednesday revised down its annual production guidance, though its financial third-quarter performance showed improvement.
The Cyprus-headquartered platinum miner said platinum group metals production fell 6.5% to 34,500 ounces in the three months that ended June 30 from 36,900 a year before, but was up 6.2% from 32,500 in the second quarter.
Average PGM prices rose 11% to USD1,574 an ounce in the third quarter from USD1,421 in the quarter prior. They were up 13% from USD1,391 a year before.
PGM prices continued their upward trend, driven by real physical demand for refined platinum and industrial buying, while supply cutbacks and pipeline destocking underpinned the widening gap in the supply demand fundamentals, Tharisa said.
Chrome production declined 3.5% to 395,700 tonnes in the third quarter from 410,200 tonnes a year before but was up 3.9% from 381,000 in the second quarter.
Average chrome prices rose by a quarter to USD293 per tonne from USD235 in the second quarter but were down 5.2% from USD309 a year before.
Tharisa said chrome prices recovered as pipeline inventories needed restocking.
"The quarter reflected recovery improvements in both our chrome and PGM circuits and are trending towards our targeted performance metrics for our integrated processing plants," Tharisa Chief Executive Officer Phoevos Pouroulis said.
Tharisa said its annual production estimates for financial 2025 are trending towards the lower end of guidance.
It cut production projections by about 5% off the lower end of guidance, expecting PGM production at 140,000 ounces and chrome output at 1.65 million tonnes.
By Artwell Dlamini, Alliance News senior reporter South Africa
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