Tharisa, a South African PGM and chrome miner, experienced production decreases. This occurred in the fourth quarter of 2024. Operational challenges contributed to this decline. PGM production reached 29,900 oz 6E PGMs. This is a 16% year-on-year drop. It is also a 1.2% decrease from the previous quarter. Drilling equipment issues impacted production.
The average PGM basket price was $1,381/oz. This is a slight increase. It is up less than 1% from Q3. It is a 3% increase year-on-year. Despite this, prices remain low. “The PGM pricing environment remains stubbornly weak,” said Tharisa CEO Phoevos Pouroulis. Limited investor interest has worsened low prices. Tharisa anticipates supply-demand deficits. These will occur as PGM capital spending declines.
Chrome production also fell. Tharisa produced 374,400t chrome concentrates. This is a 19% year-on-year decrease. It is a 12% decrease quarter-on-quarter. The average metallurgical grade chrome price was $271/t. This is a 14% drop from Q3. “We have seen a drop in the chrome price,” Pouroulis stated. “These price levels are unsustainable.”
Mozambique border disruptions affected shipments. This negatively impacted customer deliveries. Tharisa reported progress on the underground feasibility study. Early works capital is being deployed.
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