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Tharisa on track to hit production targets as platinum and chrome recovery beat expectations

As platinum and chrome production improves the company is on-track to hit this year's target as well as its 'vision 2020' goals

Recoveries were above target for both PGM and chrome

Tharisa Plc (LON:THS) updated investors on its second-quarter production performance, which included above target platinum recovery.

Platinum group metal (PGM) recoveries measured 82.2% for the three month period ended March 31, compared to a target of 80% and the company produced some 38,200 ounces of PGMs.

Similarly, chrome recoveries improved to 66.3% which was better than the targeted 65% and the company achieved record chrome concentrate volumes, at 366,700 tonnes for the three month period.

WATCH: Tharisa Plc beating expectations on PGM and chrome recoveries

The company highlighted that over the first six months of the year the production tally stood at 77,000 ounces of PGMs, up 11.4% from the same period of the previous year while it produced a total of 732,500 tonnes of chrome which represents a 15% improvement from the comparative for the preceding year.

Tharisa told investors that it “remains firmly on track” to hit 2018 production guidance of 150,000 PGM ounces and 1.4mln tonnes of chrome concentrate. Meanwhile, it added that the ‘Vision 2020’ projects are on-track to deliver production of 200,000 tonnes PGMs and 2mln tonnes of chrome per year by 2020.

Quick facts: Tharisa PLC

Price: 59 GBX

Market: LSE
Market Cap: £157.3 m

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