Tharisa pays maiden dividend as profit more than doubles
Tharisa paid a maiden dividend as its chrome and platinum mine near Brits reached steady state production and offset weak prices for both commodities and the company predicted free cash flow should "grow considerably" in the year ahead. Tharisa, a tightly held company run by the Pouroulis family and listed on the Johannesburg and London bourses, more than doubled profit for the year to end-September to $15.8m from $6m the year before. It declared its first dividend, paying shareholders $0.01c per share. While revenue declined to $219.7m from $246.8m last year, the cost of production fell as the mine reached steady state during the year. Total current assets for the year were $84.1m compared to current liabilities of $83.6m. Tharisa mined 15% more ore, generating 4.8-million tonnes of rock to fully feed its two processing plants, which handled 4.7-million tonnes. Output of chrome in concentrate was 11% higher at 1.24-million tonnes, while output of six platinum group metals rose 12.4...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.