Tharisa PLC said on Wednesday it ‘performed well’ in the second quarter of its financial year, which was marked by stable platinum group metal prices.

The Cyprus-headquartered platinum miner reported a 1.1% drop in PGM production to 35,300 ounces for the second quarter that ended March 31, from 35,700 ounces for the first quarter to December 31.

Over this period, PGM basket price was almost flat at $1.343 an ounce from $1,344 an ounce.

Tharisa said PGM prices had stabilised after experiencing a ‘correction’ driven mainly by negative sentiment around long-term demand drivers.

For the second quarter, chrome output by the major UG2 PGM producers had further tightened, declining 13% to 402,700 tonnes from 462,800 tonnes in the previous quarter. Average metallurgical grade chrome concentrate price inched down to $286 per tonne from $291 a tonne.

The chrome market remained robust, with continued tight supply-demand fundamentals, the company said.

‘We see continued strong demand by ferrochrome and downstream stainless steel producers in China and, while port stocks have risen marginally this calendar year, most of these stocks are already accounted for and the market remains tight,’ it added.

‘Operationally we performed well, building on a record first quarter and on track to meet guidance,’ Tharisa Chief Executive Officer Phoevos Pouroulis said.

For the 2024 financial year, Tharisa guided for PGM production of between 145,000 ounces and 155,000 ounces, compared to 144,700 ounces a year earlier. Chrome output is expected to rise to a range of between 1.70 million tonnes and 1.80 million tonnes of chrome concentrates from 1.58 million tonnes.

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