Tharisa CEO Phoevos Pouroulis is optimistic about the future of the platinum group metal (PGM) market, stating that the worst of an 18-month price correction seems to be over. In a third quarter update, Pouroulis highlighted that PGM prices were slightly higher than the previous quarter, indicating that the market may have reached its bottom.
Tharisa reported an average PGM price of $1,391 per ounce for the quarter, a healthy increase from the previous quarter. Coupled with an 8% rise in the metallurgical chrome price, the company saw a $20 million quarter-on-quarter lift in net cash to $92.2 million.
Despite some analysts expressing uncertainty about the future of the PGM market, Tharisa’s strong financial performance stands out among its peers. The company’s significant chrome production, selling at a premium price, has helped drive its success.
In addition to its financial achievements, Tharisa recently announced a $5 million share buy-back program, demonstrating its commitment to delivering value to shareholders. As a result, Tharisa’s stock has performed exceptionally well, standing 26% higher year-to-date compared to its peers.
While the future of the PGM market may still be uncertain, Tharisa’s strong performance and strategic initiatives have positioned the company as a leader in the industry. With Pouroulis at the helm, Tharisa looks set to continue its success and navigate any challenges that may arise in the market.
