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Third quarter production report: 3 months ended 30 June 2015
Tharisa plc
(Incorporated in the Republic of Cyprus with limited liability)
(Registration number HE223412)
JSE share code: THA
ISIN: CY0103562118
('Tharisa')
Third quarter production report: 3 months ended 30 June 2015
Safety
Safety remains a top priority and Tharisa continues to strive for zero harm at our operations. The Lost
Time Injury Frequency Rate for the rolling twelve month period to 30 June 2015 (per 200 000 man
hours) is 0.1.
Production update
The production update for the quarter ended 30 June 2015, is as follows:
Quarter ended Quarter ended Nine months Nine months Financial year
30 June 30 June ended 30 June ended 30 June ended 30 Sept
2015* 2014 2015** 2014 2014
Reef mined kt 1 132.9 1 053.7 3 080.9 3 011.5 3 908.5
Stripping ratio m³ waste/m³
reef 10.7 11.5 10.2 10.0 10.6
Reef milled kt 1 105.0 1 017.1 3 303.8 2 936.1 3 913.1
PGM flotation feed
tonnes kt 880.6 814.9 2 592.8 2 302.3 3 060.4
PGM rougher feed grade g/t 1.65 1.59 1.65 1.65 1.63
6E PGMs produced koz 33.5 17.4 90.9 55.8 78.2
PGM recovery % 71.8 41.8 66.0 45.6 48.8
Average PGM contained
metal basket price US$/oz 887 1 145 924 1 098 1 103
Cr2O3 RoM grade % 17.3 19.2 18.2 19.8 19.4
Chrome recovery % 57.7 55.7 57.0 59.5 59.4
Chrome yield % 23.9 25.6 25.0 28.2 27.7
Chrome concentrates
produced kt 263.8 259.9 827.0 829.3 1 085.2
42% metallurgical
grade kt 240.9 217.3 756.8 717.3 937.0
Chemical and
foundry grades kt 22.9 42.6 70.2 112.0 148.2
42% metallurgical grade
chrome concentrate US$/t CIF
contract price China 159 153 157 152 158
Average exchange rate ZAR:US$ 12.1 10.5 11.7 10.5 10.6
*Loss of plant production time of approximately 12% during quarter 3, following scheduled non-routine
maintenance.
**Loss of plant production time of approximately 12% during quarter 1, following the tragic fatality on
5 November 2014 and the consequential section 54 production stoppage.
Third quarter commentary
Commenting on the production, Phoevos Pouroulis, Tharisa CEO, said:
“Reef tonnes mined reached annualised steady state levels of 400 ktpm towards the end of the
quarter. It is pleasing to reach this important milestone following the change to a multi mining
contractor model. We expect ROM tonnages to be marginally above the 400 ktpm level going forward
thus enabling the build up of the ROM stockpile ahead of the crushers.
Scheduled non-routine maintenance including the reconfiguration of the primary jaw crusher at the
Voyager Plant to accommodate the change from a plate to vibratory feeder arrangement, and
replacement of the rakes at the Voyager Plant thickener contributed to a loss in plant production time
of approximately 12%. Mill re-linings were undertaken at the same time to limit the effect of the down
time.
PGM recoveries continued to improve resulting in Tharisa achieving record quarterly PGM production
of 33.5 koz notwithstanding the loss of plant production time referred to earlier. The successful
implementation of the PGM plant optimisation programme improved PGM recoveries to 71.8% with
the target recoveries remaining at 72%. PGM production reached steady state levels on an annualised
basis during the quarter.
The PGM basket price for the quarter of US$887 remains constrained by global macroeconomic
conditions.
Chrome production was negatively impacted by the feed grade being below plan and the loss in
production time referred to earlier. The current focus for Tharisa remains to improve chrome
recoveries. To this end, towards the end of the quarter, the processing of mined ore resulted in
chrome recoveries improving to 57.7%. Our target for optimising chrome recoveries remains 65%.
The chrome concentrate contract price remained stable at US$159.
The operational flexibility of both plants and the crushed stockpiles ahead of the milling circuits
enabled Tharisa to limit the impact on production of interruptions to the power supply.
PGM and chrome production in H2 FY2015 remains on track to be similar to H1 FY2015 with PGM
steady state of 144 kozpa and chrome concentrates of 1.5 Mtpa targeted for FY2016. Tharisa’s large-
scale, long-life, open pit PGM and chrome co-product mine remains on track to prove itself a viable
and attractive business.”
The above information has not been reported on or reviewed by Tharisa’s auditors.
Paphos, Cyprus
8 July 2015
Sponsor
Investec Bank Limited
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