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Tharisa transition successfully concluded as it delivers record production numbers

Tharisa milled a record 1.31mln tonnes of ore in the quarter ended December 31

southt africa map
The company's mining operations is located within South Africa’s Bushveld Complex

Tharisa PLC (LON:THS), the platinum group metals (PGM) and chrome producer, said the handover from contractors to its own mine employees at its operation in South Africa’s Bushveld Complex has been concluded successfully.

And, judging from the latest production update, in which the company also restated its full-year guidance, the process appears to have gone without a hitch.

WATCH: Transition to owner-operator progressing well after record year for Tharisa

Tharisa milled a record 1.31mln tonnes of ore in the quarter ended December 31. At 365,800 tonnes (and up 1.5% quarter-on-quarter), chrome concentrate production was at an all-time high as was speciality chrome concentrate at 88,100 tonnes. PGM production was a “solid” 38,800 ounces, the firm said.

Chrome recovery, meanwhile, exceeded its 65% target by half a percentage point.

READ: Tharisa shareholders to get substantially increased dividends, with introduction of interim payout

For the full-year, Tharisa expects to produce 150,000 ounces of PGMs and 1.4mln tonnes of chrome concentrates; 350,000 tonnes of the latter will be speciality grade.

Quick facts: Tharisa PLC

Price: 62.79 GBX

Market: LSE
Market Cap: £167.41 m

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