Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF), a leading global producer of platinum group metals (PGMs) and chrome, has reported a solid second-quarter performance, with the company’s CEO, Phoevos Pouroulis, highlighting the company’s innovative energy storage solution and positive outlook for the third quarter.
Despite a slight decrease in chrome concentrate production to just over 400,000 tonnes, Pouroulis stated that Tharisa remains on track to meet its annual guidance of 1.7 to 1.8 million tonnes. PGM production remained steady at 35.3 thousand ounces, with the full-year guidance set at 145 to 155 thousand ounces, requiring improved recovery in the second half.
One of the key highlights of the quarter was the official launch of Redox One, Tharisa’s chrome iron redox flow battery technology for grid-scale, long-duration energy storage. This innovative solution, developed from the company’s chrome concentrate, aims to decarbonize Tharisa’s footprint and support the use of renewable energy beyond daylight hours.
Pouroulis also discussed the progress made at the Karo platinum project in Zimbabwe, where construction is continuing despite a slowdown in capital expenditure, as the company awaits the finalization of project financing.
Furthermore, Tharisa has implemented a $5 million share repurchase programme, taking advantage of the impact of depressed PGM prices on the company’s share price. Pouroulis reflected on the company’s 10th anniversary of its JSE listing and expressed a positive outlook for the third quarter, focusing on improved PGM recoveries.
The article highlights Tharisa’s commitment to innovation and sustainable practices, as the company continues to navigate the challenges of the mining industry and explore new opportunities for growth and diversification.
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