10th Apr 2025 09:07
(Alliance News) - Tharisa PLC on Thursday said weather interruptions hurt production in the first half of its financial year.
The Cyprus-headquartered platinum miner said platinum group metal production fell 12% to 62,400 ounces for the six months that ended March 31 from 71,100 ounces a year earlier.
PGM output was 32,500 ounces for the second quarter, down 7.9% from 35,300 ounces a year earlier, but up 8.7% from 29,900 ounces in the first quarter.
The average PGM price was USD1,403 an ounce in the first half, up 4.4% from USD1,344 a year before.
Chrome production declined 13% to 755,400 tonnes in the half-year from 865,600 tonnes a year before.
Chrome output was 381,000 tonnes in the second quarter, down 5.4% from 402,700 tonnes, but up from 374,400 tonnes in the first quarter.
Average chrome price was USD253 per tonne in the first half, down 12% from USD288 a year before.
"A solid quarter dampened by unprecedented rainfall and weather interruptions, which necessitated higher than budgeted in pit evacuations in line with safety protocols and thus affected mining mix and volumes," Tharisa Chief Executive Officer Phoevos Pouroulis said.
The dryer winter months are expected to lead to a more normal production output, Pouroulis said.
Tharisa said studies on the underground mine development are nearing finalisation, and it will provide update in the second half of its financial year.
Shares in Tharisa in Johannesburg were up 4.1% to ZAR13.00 on Thursday morning and up 8.1% to 52.95 pence in London.
By Artwell Dlamini, Alliance News reporter
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