South African- and London-listed Tharisa produced 32 500 oz of platinum, palladium, rhodium, ruthenium, iridium and osmium (6E) platinum group metals (PGMs) from its Tharisa mine, on the western limb of the Bushveld Complex, in South Africa, for the quarter ended March 31.

That is higher than the 29 900 oz of 6E PGMs produced in the quarter ended December 31, 2024, but lower than the 35 300 oz of 6E PGMs produced in the quarter ended March 31, 2024.

Chrome concentrate production for the quarter under review was 381 000 t, which was higher than the 374 400 t produced in the December 2024 quarter, but lower than the 402 700 t produced in the March 2024 quarter.

Tharisa CEO Phoevos Pouroulis describes the period as a “solid quarter” dampened by unprecedented rainfall and weather interruptions, which necessitated higher-than-budgeted in-pit evacuations in line with safety protocols, affecting the mining mix and volumes.

He also notes that lightning disruptions hit an all-time high during the period, adding that the dryer winter months are expected to lead to a more normal production output.

Tharisa notes that PGM prices saw good support prior to the US announcing far-reaching trade tariffs on April 2 – the implementation of some of these tariffs has since been delayed – as the market started to realise that the supply-demand gap needs price recalibration to ensure future rebalance.

The company notes the impact of trade tariffs, particularly in the motor trade through future demand for motor vehicles, on PGM demand and prices going forward.

Tharisa says that average PGM prices had increased to $1 421/oz for the quarter, compared with an average price of $1 381/oz in the December 2024 quarter and the average price of $1 343/oz in the March 2024 quarter.

The average metallurgical-grade chrome concentrate price of $235/t for the quarter was, however, lower than the average prices of $271/t and $286/t reported for the December 2024 and March 2024 quarters, respectively.

Tharisa notes that chrome prices have advanced from pre-December 2024 quarterly lows, with spot trading at $300/t, with port stocks at about six to eight week inventory levels.

Meanwhile demand for chrome remains strong, with the logistics pipelines operating normally.

“On the markets, chrome has rebounded strongly from the quarter’s lows, and our PGM basket price is relatively stable in rand terms with the devaluation of our local currency, but the impact of the trade wars on the outlook for global economic growth is creating an uncertain and volatile environment, which may impact on demand for commodities.

“While both PGMs and chrome are not subject to US tariffs, the intermediate and final products containing these commodities will be,” says Pouroulis.

Tharisa maintains its production guidance for the full 2025 financial year is set at between 140 000 oz and 160 000 oz of 6E PGMs and 1.65-million tonnes to 1.8-million tonnes of chrome concentrate.

The company says the Tharisa Minerals underground definitive feasibility study is on track for approval in second half of the year, while infrastructure work at Karo Platinum, in Zimbabwe, is ongoing, in line with available funding for work packages while value engineering continues.

“Studies on the underground mine development are nearing finalisation and we will update the market on these exciting plans in the second half of the year,” says Pouroulis.