CYPRUS-based miner, Tharisa Plc has expressed confidence over the progress at its Zimbabwean unit on the back of a surge in output across all establishments.
The miner is an integrated resource group critical to the energy transition and decarbonisation of economies. It incorporates mining, processing, exploration, and the beneficiation, marketing, sales, and logistics of PGMs and chrome concentrates, using innovation and technology as enablers.
In a market update last week, Tharisa revealed excitement over the local unit.
“The Karo platinum project in Zimbabwe is progressing well, with construction aligned with capital availability and the various funding solutions progressing according to plan,” the company said.
Karo Platinum is jointly owned by the government of Zimbabwe and Karo Mining Holdings.Tharisa is a 70%shareholder in Karo Mining, which in turn, indirectly owns 85% of the Karo platinum project, with the government of Zimbabwe holding the remaining 15% of the project on an free-carry basis.
Meanwhile, the platinum miner reported a 4.5% rise in PGM output to 36,900 ounces for the third quarter that ended June 30 from 35,300 ounces a year earlier. But PGM output for nine months to June 30 declined 5.4% to 107,900 ounces from 114,000 ounces a year before.
PGM prices for the third quarter were slightly higher than in the previous quarter, supporting the notion that the “bottom of the market.
The group warned that prices continue to be influenced by ongoing inventory destocking, the pace of which is dependent on economic activity.
Chrome concentrate output in the third quarter was up 1.8% to 410,200 tonnes, compared to 402,700 tonnes.For nine months, chrome production rose 9.5% to 1.27 million tons from 1.16 million tons.
Average metallurgical grade chrome concentrate prices grew 8% to USD309 per ton in the third quarter from USD286 a ton in the second quarter, underpinned by strong fundamental demand.
Tharisa Chief Executive Officer, Phoevos Pouroulis expressed optimism for the group.
“Operationally we delivered as planned, with improved mining and plant recoveries resulting in overall PGM and chrome concentrate production increases,” he said. — NewZimbabwe
