S Africa's Tharisa hits record chrome production

: Metals
24/10/11

South African platinum group metals (PGMs) and chrome producer Tharisa has announced record chrome output this year, while PGMs production was stable from 2023.

Tharisa produced 1.7mn t in the financial year ending September 30, up by 8pc from 1.58mn t in 2023. Chrome production in the 2024 financial year was the highest in Tharisa's history.

PGM (6E) production was stable at 145,100oz, a 0.3pc increase from the previous financial year.

Strong chrome production was supported by positive chrome prices. The company's average annual chrome concentrate prices increased by 13.7pc to $299/t, largely driven by demand from China.

Tharisa intends to take advantage of stronger chrome pricing in the 2025 financial year. Lauding the record chrome output, chief executive Phoevos Pouroulis said: "For the coming year we are setting a similar target, with chrome dominating the operational forecast as we see real demand in China and beyond."

But PGM prices have been depressed over the past 12 months as end users have worked their way through excess stocks built up during the Covid-19 pandemic. Tharisa reported a drop in average annual PGM prices of 28pc to $1,362/oz.

In its May interim results covering the six months ending on 31 March, Tharisa said it would slow development of its Karo platinum project in Zimbabwe as a response to depressed prices. The company said on Thursday that it has progressed with plant construction in line with capital availability.

The company has set production guidance for the 2025 financial year at 140,000-160,000oz of PGMs and 1.65mn-1.8mnt of chrome.

By Maeve Flaherty

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