Tharisa PLC Construction of Vulcan Plant approved by Board (4333H)
01 Agosto 2019 - 1:00AM
UK Regulatory
TIDMTHS
RNS Number : 4333H
Tharisa PLC
01 August 2019
Tharisa plc
(Incorporated in the Republic of Cyprus with limited
liability)
(Registration number HE223412)
JSE share code: THA
LSE share code: THS
A2X share code: THA
ISIN: CY0103562118
('Tharisa' or the 'Company')
Construction of Vulcan Plant approved by Board
Proprietary process to further improve chrome recoveries and
deliver Vision 2020
Salient features
-- Vision 2020 is targeting annual production of 200 koz of PGMs
and 2.0 Mt of chrome concentrate
-- Proprietary ground-breaking use of existing technologies in
fine chrome recovery which will lead to ca. 47% reduction in chrome
tailings
-- Overall improved chrome recovery from 65% to 82%, capable of
adding an additional 400 ktpa to production with a reduction in
overall unit costs
-- Capital cost of US$54.2m including contingency and owner's cost
-- Appointment of Wood plc ('Wood') as EPCM contractor with hot
commissioning targeted for Q4 2020
Commenting on the project, Tharisa CEO Phoevos Pouroulis,
said:
"The commercialisation of the Vulcan process will unlock value
and is a major step in achieving our Vision 2020 target. We have
developed a proprietary process using existing technologies to
improve the chrome recoveries with the process having been
rigorously tested and proven through pilot plant test work and the
operation of a production scale demonstration plant. Profitability
will increase with mining and processing unit costs being charged
against the increased production volumes. With the appointment of
Wood as our EPCM partner and the project initiation in August 2019,
Tharisa looks forward to delivering first chrome production from
the Vulcan plant within our anticipated timeline of 15 months."
Overview
Tharisa's Vision 2020 projects are targeting an increase in
Tharisa Minerals' production to 200 kozpa of PGMs and 2.0 Mtpa of
chrome concentrates in CY2020, on an annualised basis. To achieve
this vision, the R&D team has developed the Vulcan process to
extract the fine chrome from current in line tailings from the
combined feed of the Genesis and Voyager plants. The primary aim of
the Vulcan plant is to increase chrome recovery from the current
65% to 82% at the Tharisa Mine, capable of adding an additional 400
ktpa (ca. 28% of current production) of chrome concentrate
output.
Technical Parameters
The evaluation process included the construction of a pilot
plant at the on-site laboratory at the Tharisa Mine. Concurrently,
Wood was appointed to carry out a definitive feasibility study
('DFS') on the pilot plant design process. Subsequently, a
demonstration plant comprised of multi-stage commercial scale
processing units was constructed.
Independent process reviews were conducted after the DFS was
completed, based on the comprehensive demonstration plant results.
The DFS results exceeded our internal required hurdle rate for
investment in new projects. The final process and engineering
designs were used to independently calculate the capital
requirement of US$54.2 million for the construction of a 500 tph
plant.
Financing
The project will initially be funded from internal funds to
ensure an immediate start to the project while the optimal funding
arrangements are finalised.
Paphos, Cyprus
1 August 2019
JSE Sponsor
Investec Bank Limited
Investor relations contacts:
Daniel Thöle / Ilja Graulich
+27 61 400 2939 / +27 83 604 0820
Financial PR contacts:
Bobby Morse / Augustine Chipungu
+44 020 7466 5000
tharisa@buchanan.uk.com
Broker contacts:
Peel Hunt LLP (UK Joint Broker)
Ross Allister / James Bavister / David McKeown
+44 207 7418 8900
BMO Capital Markets Limited (UK Joint Broker)
Jeffrey Couch / Thomas Rider
+44 020 7236 1010
Berenberg (UK Joint Broker)
Matthew Armitt / Detlir Elezi
+44 20 3207 7800
Nedbank Limited (acting through its Corporate and Investment
Banking division) (RSA Broker)
Shabbir Norath
+27 11 295 6575
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCKMGFNDMLGLZM
(END) Dow Jones Newswires
August 01, 2019 02:00 ET (06:00 GMT)
Tharisa (LSE:THS)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Tharisa (LSE:THS)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024