Tharisa PLC reported on Thursday its platinum group metal operations continued to reel from depressed prices, while chrome prices and production remained strong.

The Cyprus-headquartered platinum miner said PGM production was up 0.3% at 145,100 ounces for the financial year to September 30 from 144,700 ounces a year before. PGM output was 0.5% higher at 37,100 ounces in the fourth quarter to September 30 from 36,900 ounces in the third quarter.

But average annual PGM prices slumped 28% to $1,362an ounce from $1,893, while averaging PGM prices were up 1.5% at $1,370 an ounce on-quarter from $1,391.

Tharisa said chrome production rose 7.6% to 1.70 million tonnes annually from 1.58 million tonnes, reaching the highest in its history. On the quarterly basis, chrome output grew by 4.0% to 426,800 tonnes from 410,200 tonnes.

Average annual metallurgical grade chrome concentrate prices rose 14% to $299per tonne from $263 per tonne, while averaging quarterly chrome prices were at $314 a tonne, up 1.6% from $309.

The company said PGM prices continued to be constrained by the latency of destocking of pipelines. It maintains that the PGM price over the next 12 to 24 months will be stronger.

Tharisa said chrome prices remained strong on the back of the fundamentals of the chrome market, with real growth in stainless steel, driven by demand from China and beyond.

The miner guides for PGM production for the 2025 financial year of between 140,000 ounces and 160,000 ounces, while it estimates chrome production at between 1.65 million tonnes and 1.8 million tonnes.

Shares in Tharisa in Johannesburg were up 0.1% to R 15.76 on Thursday morning, while they were flat at 68.00pence in London.

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