Tharisa Mine reported an increase in platinum group metals (PGMs) production for the third quarter of FY2025, with output rising 6.2% quarter-on-quarter to 34.5 koz, up from 32.5 koz in Q2.
The company noted that the increase was primarily attributed to a substantial improvement in recovery rates, which rose to 74.9% from 67.4%, despite the decline in the rougher feed grade to 1.34 g/t from 1.42 g/t. The company also processed more reef, with 1.39 million tonnes milled during the period. Chrome production rose modestly to 395.7 kt, supported by improved recoveries of 72.4%.
The Johannesburg- and London-listed company said the operational momentum was underpinned by stronger mining volumes, with reef mined increasing to 1.44 million tonnes, a 27.7% rise from the previous quarter. Tharisa CEO, Phoevos Pouroulis, described the quarter as an “improving” one, noting that performance across both the chrome and PGM circuits was trending toward target levels.
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“Our head grade blend remains a challenge while overall output increased on the back of improved recoveries,” Pouroulis said. “The focus for the remainder of the year is to provide improved mined grades into our plants.”
The company also reported the completion of the definitive feasibility study for its Tharisa Minerals underground project, marking a key step in its growth strategy. At Karo Platinum, infrastructure work continued in line with available capital, as the project moves closer to development readiness.
PGM prices provided further support, rising 10.8% to an average of US$1,574/oz for the quarter. Tharisa stated that the upward price trend was driven by real physical demand and industrial purchasing, while supply constraints continued to impact the market.
Despite strong operational performance, the group’s cash position declined to US$150.9 million from US$186 million at the end of March, while debt increased to US$121.5 million. The resulting net cash position stood at US$29.4 million, impacted by the timing of the project and working capital outflows.
With nine-month production trailing guidance, Tharisa has revised its full-year forecast downwards by 5%, with PGMs now expected to fall short of the original 140 koz target. Still, the miner remains upbeat. “With commodity prices improving, our balance sheet continues to remain robust,” said Pouroulis.