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First quarter production report for the period ended 31 December 2014
Tharisa plc
(Incorporated in the Republic of Cyprus with limited liability)
(Registration number HE223412)
JSE share code: THA
ISIN: CY0103562118
('Tharisa')
First quarter production report for the period ended 31 December 2014
Safety
Safety remains a top priority and Tharisa continues to strive for zero harm at our operations.
However, production was affected by the suspension of processing activities following the tragic
fatality on 5 November 2014, to allow for the investigation into the accident and the upliftment of
the section 54, with a loss in plant production time of 12% for the quarter.
Production update
The quarterly production update for the period ended 31 December 2014, is as follows:
Financial year
Quarter ended ended
31 December 30 September
2014 2014
(Unaudited) (Audited)
Reef mined kt 905.9 3 908.5
Stripping ratio m³ waste/m³ reef 10.1 10.6
Reef milled kt 1 031.6 3 913.1
6E PGMs produced koz 24.4 78.2
PGM recovery % 56.9 48.8
Average PGM contained metal basket price US$/oz 956 1 103
Chrome concentrates produced kt 257.8 1 085.2
42% metallurgical grade kt 232.3 937.0
Chemical and foundry grades kt 25.5 148.2
Chrome yield % 25.0 27.7
42% metallurgical grade chrome
concentrate contract price US$/t CIF China 159 158
Average exchange rate ZAR:US$ 11.1 10.6
The introduction of the additional mining contractor with effect from 1 November 2014 to
undertake the more specialised blasting and extraction of the reef layers and removal of interburden
and the change in scope to MCC’s mining contract to focus on bulk waste removal has progressed
according to the change management plan. During this transition period a decision was made to
re-process commissioning tails through the Genesis plant allowing the appropriate blend of ore to be
processed through the Voyager plant and to provide for a build-up of ROM stocks. This has
negatively impacted on the overall chrome yield, particularly chemical and foundry grades. However,
PGM production was better than planned with a marked improvement in the PGM recoveries, with
levels at the Voyager plant approaching 70%. We expect to resume processing fresh ROM ore
through the Genesis plant during Q3 FY2015. Importantly, production improvements are moving in
a positive direction, gearing to planned annualised steady state production in Q1 FY2016.
Errata
The commentary in the Condensed Consolidated Annual Financial Statements for the year ended
30 September 2014 made reference in the Financial Overview section to the CIF contract price for
42% metallurgical grade chrome concentrate prices. The prices referenced were incorrect and
should read as follows “US$158/t (2013: US$161/t) a reduction of 1.9%”. In addition, when
referencing the debt to equity ratio the reference should read to “Group debt” and not “Net Group
debt”. These errors have no impact on the Group’s results.
The above information has not been reported on or reviewed by Tharisa’s auditors.
Paphos, Cyprus
15 January 2015
Sponsor
Investec Bank Limited
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