Tharisa posts positive full-year production results

Tharisa reported an “excellent” fourth quarter production performance on Monday, achieving - and in some cases exceeding - production guidance for the 2016 financial year.

The London-listed firm achieved record milling of 1.27 Mt, PGM production of 39.1 koz and PGM recoveries of 80.6%, with increased momentum at the end of the financial year.

It also benefitted from improved commodity prices, particularly higher chrome prices, in the fourth quarter.

For the full year, Tharisa was successfully fatality free with a lost time injury frequency rate of 0.36 per 200 000 man hours worked.

PGM production exceeded guidance at 132.6 koz, up 12.4%, and chrome concentrate production achieved guidance at 1.24 Mt, up 10.8%.

The company’s specialty chrome concentrate production more than doubled to 269.4 kt year-on-year, up 138.8%, and it mined a record annual run-of-mine level of 4.837 Mt with milling for the quarter at a new high of 1.267 Mt.

PGM prices remained stable, the board reported, with chrome prices rebounding during the year to above $165/t.

“Tharisa achieved its best ever production quarter and reached its targeted guidance for FY2016,” said CEO Phoevos Pouroulis.

“This is a real testament to the teamwork, dedication and commitment that makes Tharisa a world class company.

“FY2017 is set to be the year that Tharisa reaches its full potential and delivers exceptional value to all stakeholders.”

At 0927 BST, shares in Tharisa were up 7.04% at 110.25p.