Tharisa downgrades output guidance after tailings hold up
Source - SMW
Tharisa downgraded its annual production guidance after tailings processing cut output in its fiscal first quarter.
Platinum group metal production fell 5.9% on-quarter to 33.6 koz , while chrome production fell 10% on-quarter to 305.4 kt, the company said.
Full-year production guidance was revised to between 150 koz and 160 koz of platinum group metals and 1.4 Mt to 1.5 Mt of chrome concentrates.
'Although we had planned for a slower first quarter in terms of mining production, we did not anticipate the full impact that blending tailings material would have on our overall recoveries,' chief executive Phoevos Pouroulis said.
'We will revert back to processing fresh run of mine material from mid- January and will achieve our targeted recoveries.'
'We are addressing the operational performance of the mining division with particular reference to equipment availability and utilisation through pro-active maintenance and enhancing the capacity of our drill and blast operations.'
'We remain fully committed to our Vision 2020 targets and we are confident that the processes currently underway will see an improved performance in the months to come.'
At 9:09am: (LON:THS) Tharisa Plc share price was -4.5p at 103.5p