Tharisa PLC CEO discusses solid Q2 performance and innovative energy storage solution
London, UK
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April 16, 2024 07:03 AM Eastern Daylight Time
Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) CEO Phoevos Pouroulis takes Proactive's Stephen Gunnion through the company's second-quarter production performance and future prospects.
While Tharisa reported a slight decrease in chrome concentrate production to just over 400,000 tonnes, Pouroulis said the company remains on track to meet its annual guidance of 1.7 to 1.8 million tonnes. PGM production remained steady at 35.3 thousand ounces, with full-year guidance set at 145 to 155 thousand ounces, requiring improved recovery in the second half.
Progress was made at the Karo platinum project in Zimbabwe, with construction continuing despite a slowdown in capital expenditure, awaiting the finalisation of project financing.
Pouroulis also highlighted Tharisa's innovation strategy with the official launch of Redox One, a chrome iron redox flow battery technology for grid-scale, long-duration energy storage, developed from the company's chrome concentrate. The technology, aimed at decarbonizing the company's footprint, supports the use of renewable energy beyond daylight hours.
The CEO also discussed a $5 million share repurchase programme, taking advantage of the impact of depressed PGM prices on the company's share price.
The interview concluded with a reflection on the company's 10th anniversary of Tharisa's JSE listing and a positive outlook for the third quarter, focusing on improved PGM recoveries.
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