Mining firm Tharisa, listed in London and South Africa, reported a marginal decrease in its annual production of chrome for fiscal 2023, despite higher production in the fourth quarter. The company produced 1.580 million metric tons of chrome, slightly less than the 1.583 million tons produced the previous year. However, Q4 production saw an increase, with 413,400 tons produced compared to 378,800 tons in the same quarter of the prior year.
Production of platinum group metals (PGM) also declined amid a supply side constrained economy. The output dropped to 144,700 tons from 179,200 tons. Despite these production decreases, average prices for some products saw significant changes. The average price of metallurgical grade chrome concentrate rose by 26% to $263 a ton during a peak Q4 period, while PGM prices fell by 26% to $1,893 an ounce.
CEO Phoevos Pouroulis remains optimistic about the medium-term PGM outlook. For fiscal 2024, Tharisa projects producing between 145,000-155,000 PGM tons and 1.7 million-1.8 million tons of chrome concentrate.
On Tuesday, following the release of the production figures and projections for the next fiscal year, Tharisa's shares were down by 5.7% at 60.00 pence as of 07:53 GMT.
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