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Rand offsets weaker prices for platinum, chrome producer Tharisa

15th April 2016

By: Martin Creamer

Creamer Media Editor

  

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Weaker dollar platinum-group metals (PGMs) and chrome prices in the three months to end-March were partially offset by the local currency decline, which lifted rand prices, JSE-listed and Cyprus-domiciled Tharisa reported last week.

The average PGMs basket price for the quarter of $685/oz translated into a R984/oz-higher rand basket price of R10849/oz for the integrated resources group that mines, processes, beneficiates and markets PGMs and chrome concentrate.

Tharisa CEO Phoevos Pouroulis said in a release to Creamer Media’s Mining Weekly that the company was encour-aged by exceeding its previous production records.

Reef mined exceeded the required steady state rate of 4.8-million tonnes a year and an indicated steady state output of 144 000 oz a year can be extrapolated from the company’s contained PGMs production for the quarter.

A focus on interburden strip-ping rather than overburden stripping contributed to improved ore exposure and feed grade flexibility at the company’s shallow opencast operations, where co-output of PGMs and chrome concentrates has the effect of lowering production costs.

The increase in reef mined allowed for a build-up of run-of-mine stockpiles, which facilitated improved reef layer blending and better feed grade consistency and lifted plant recoveries to 68.5% – a 2.7% rise on the 65.8% reported at year- end.

Modification of the chrome processing circuit at the Voyager Plant has resulted in chrome recoveries nearing the 65% target without impac- ting negatively on PGM recoveries.

The company said the achievement of steady-state production entrenched its posi-tion as an operationally cash generative business throughout the commodity cycle.

A focus on safety has resulted in a reduced lost-time-injury frequency rate of 0.3 per 200 000 hours.

Edited by Martin Zhuwakinyu
Creamer Media Magazine Managing Editor

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