Tharisa PLC, a prominent global producer of platinum group metals (PGMs) and chrome, has announced a robust second-quarter performance, with CEO Phoevos Pouroulis emphasizing the company's innovative strides in energy storage and a positive 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 full-year goal set between 145 to 155 thousand ounces, necessitating enhanced recovery efforts in the latter half of the year.
A significant development 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 breakthrough, derived from the company's chrome concentrate, is poised to reduce Tharisa's carbon footprint and facilitate the utilization of renewable energy during non-daylight hours. More details on this innovation can be found at https://www.tharisa.com.
Pouroulis also provided updates on the Karo platinum project in Zimbabwe, where construction progresses despite reduced capital expenditure, pending the finalization of project financing. Additionally, Tharisa has initiated a $5 million share repurchase program, leveraging the current downturn in PGM prices to benefit its share valuation. Celebrating a decade since its JSE listing, Pouroulis expressed optimism for the third quarter, with a focus on bolstering PGM recoveries.
This quarter's achievements underscore Tharisa's dedication to innovation and sustainability, as it adeptly addresses the mining industry's challenges and seeks new avenues for expansion and diversification. The launch of Redox One not only marks a milestone in energy storage but also reinforces the company's role in advancing sustainable mining practices.
