Tharisa, a mining company listed in South Africa and the U.K., has announced that its production of platinum group metals rose in the third quarter while chrome production fell. However, the company expects a subdued output in the fourth quarter.
Increased Production and Decreased Chrome
In the quarter ended June 30, Tharisa's production of platinum group metals increased to 37,000 ounces compared to 34,300 ounces in the previous quarter. On the other hand, chrome production decreased from 404,800 ounces in the second quarter to 378,800 ounces in the third quarter.
Focus on Sustainable Reef Mining Operations
Tharisa stated that its output will continue to be subdued for the remainder of the year as it emphasizes mining flexibility for sustainable reef mining operations.
Tharisa reported a cash balance of $242.6 million at the end of the quarter, showing an increase from $205.8 million in the previous quarter. This boost in cash balance can be attributed to favorable chrome pricing. However, the company's debt rose to $101.1 million from $99.0 million.