Tharisa, a mining company, announced a decline in the production of chrome and platinum group metals (PGM) in fiscal 2023 compared to the previous year. Despite this, average realized prices for both metals experienced significant movement in a volatile market.
In the year ended September 30, Tharisa produced 1.580 million metric tons of chrome, slightly lower than the 1.583 million tons produced in fiscal 2022. Notably, fourth-quarter production exceeded the previous year’s figures, with 413,400 tons produced compared to 378,800 tons.
Platinum Group Metals Production
Tharisa’s output for platinum group metals (PGM) decreased to 144,700 tons from 179,200 tons in the full-year.
During the fourth quarter, Tharisa witnessed a 26% increase in average prices for metallurgical grade chrome concentrate, reaching $263 per ton. This surge was influenced by the chrome market reaching its highest point in 52 weeks. On the other hand, average PGM prices experienced a 26% drop for the full year, settling at $1,893 per ounce.
Amidst volatile market conditions, Tharisa’s CEO, Phoevos Pouroulis, expressed confidence in the medium-term outlook for PGMs due to a supply-constrained economy. Additionally, Pouroulis highlighted a robust chrome market driven by stable demand. The company has set production targets of 145,000-155,000 PGM tons and 1.7 million-1.8 million tons of chrome concentrate for fiscal 2024.
Tharisa’s shares are currently trading at 60.00 pence, down 3.60 pence or 5.7% as of 0753 GMT.