StockMarketWire.com - South Africa-focused platinum and chrome producer Tharisa reported a rise in second-quarter output and stuck to its annual production guidance.

Platinum group metals produced rose 12% year-on-year to 35,800 ounces, while Chrome concentrates produced rose 16% year-on-year to 358,400 tons.

The company also achieved higher average prices for its platinum group metals and chrome.

Tharisa had a cash balance of $73.1 million at the end of the quarter and debt of $41.7 million, resulting in a positive net cash position of $31.4 million.

'Tharisa's second quarter performance saw an exceptional safety performance underpinned by solid production in what is traditionally our weakest quarter of the year,' chief executive Phoevos Pouroulis said.

'With the much higher commodity prices, Tharisa was able to convert production into cashflow, shown in our increased net cash balance, this while we are entering the major capital phase for the Vulcan plant which remains on track for construction to be completed this financial year.'


At 8:52am: [LON:THS] Tharisa Plc share price was 0p at 74.5p



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