TIHRF - Tharisa cautiously optimistic after tough year for PGMs
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Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF)CEO Phoevos Pouroulis speaks to Thomas Warner from Proactive after themining company published its annual report for a 2023 characterised bychallenges not only for Tharisa but for the wider platinum groupmetals (PGM) sector.
Pouroulisdiscusses what he has called the company's resilience amid achallenging year marked by weather impacts, declining platinum groupmetals (PGM) prices, and South African infrastructure issues. Despitethese challenges, Tharisa maintained steady chrome production at 1.58million tonnes, benefiting from a 25% increase in prices of themetal.
The company navigatedelectricity and logistics problems, ensuring timely delivery tocustomers and achieving a healthy return despite the lower earningsfrom PGMs. Pouroulis highlights Tharisa's adaptability andstrategic focus on co-producing PGM and chrome concentrates.
Addressing the lengthening of the Karoplatinum project timescale, he expresses cautious optimism for the PGMmarket's recovery, citing potential global economic shifts andgrowing recognition of mining's role in sustainabledevelopment.
Financially, he saysTharisa boasts a strong balance sheet with over $269 million in cashand equivalents, enabling investment in current operations,technological advancements, and consistent dividend payments since2016.
Pouroulis also reveals Tharisa's focus on innovationthrough subsidiary Redox One, developing grid-scale energy storagesolutions using chrome and iron from Tharisa mines. This developmentaligns with the company's commitment to a circular economy andaddresses broader energy storage needs.
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