Tharisa PLC, a prominent global producer of platinum group metals (PGMs) and chrome, has announced a robust second-quarter performance, with CEO Phoevos Pouroulis underscoring the company's innovative approach to energy storage and an optimistic forecast for the upcoming quarter. Despite a minor dip in chrome concentrate production to slightly over 400,000 tonnes, the company is confident in achieving its annual target of 1.7 to 1.8 million tonnes. PGM production held steady at 35.3 thousand ounces, with the year's goal set between 145 to 155 thousand ounces, necessitating enhanced recovery efforts in the latter half of the year.
A significant milestone this quarter was the introduction of Redox One, Tharisa's chrome iron redox flow battery technology designed for grid-scale, long-duration energy storage. This groundbreaking solution, derived from the company's chrome concentrate, is poised to reduce Tharisa's carbon footprint and facilitate the utilization of renewable energy beyond daylight hours. More details on this innovation can be found here.
Pouroulis also provided updates on the Karo platinum project in Zimbabwe, where construction progresses despite reduced capital expenditure, pending the completion of project financing. Additionally, Tharisa has initiated a $5 million share repurchase program, leveraging the current downturn in PGM prices to benefit its shareholders. Celebrating a decade since its JSE listing, Pouroulis expressed a hopeful perspective for the third quarter, with a focus on boosting PGM recoveries.
This quarter's achievements reflect Tharisa's dedication to innovation and sustainable practices, as it adeptly addresses the mining industry's challenges while pursuing avenues for expansion and diversification. For further insights into Tharisa's operations and future plans, visit Mining Weekly.
