JOHANNESBURG (miningweekly.com) – Weaker dollar platinum group metals (PGMs) and chrome prices in the three months to end March were partially offset by local currency decline which lifted the rand prices, JSE-listed and Cyprus-domiciled Tharisa reported on Thursday.
The average PGM basket price for the quarter of $685/oz translated into a R984/oz-higher rand basket price of R10 849/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 Online that the company was encouraged 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 stripping 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 impacting negatively on PGM recoveries.
The company said the achievement of steady state production entrenched its position 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: Creamer Media Reporter
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