Tharisa (LSE: THS) saw its share price dip over 2% at the London open despite reporting a solid second quarter with stable platinum group metal (PGM) prices.
The miner said it “performed well” operationally, maintaining its production guidance for the full year. PGM output for the second quarter ending March 31 was 35,300 ounces, a slight decrease from the previous quarter. The company attributed the price stability to a correction in the market driven by long-term demand concerns.
Tharisa also reported a tightening chrome market, with output from major producers declining 13% compared to the prior quarter. Despite a small dip in average chrome concentrate price, the company remains optimistic due to continued strong demand from China’s stainless steel sector.
Tharisa CEO Phoevos Pouroulis reaffirmed the company’s commitment to its 2024 production targets, which include a range of 145,000 to 155,000 ounces of PGMs and 1.70 to 1.80 million tonnes of chrome concentrate. However, the stock price remains down 36% year-on-year.
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