PAYOUT POLICY
Solid Tharisa to pay interim dividend
The miner shifts into high gear as a producer of chrome and platinum group metals
Tharisa, a chrome and platinum group metals miner, has ramped up its dividend payments and will introduce an interim return to shareholders as the cash-generative business moves towards becoming a far larger producer of both minerals. It would be fair to say Tharisa had a strong financial year, reporting a final dividend of $0.05 per share, up from $0.01 per share in 2016, and a 50% increase in its dividend policy to 15% of consolidated net profit after tax as well as the proposed interim dividend. Tharisa recorded operating profit of $95.9m compared to $32m a year earlier and posttax profit of $67.7m, up from the previous year’s $15.8m. "We see the potential in generating large free cash from this business," said CEO Phoevos Pouroulis — the company was regarded as trading at a discount relative to its peers. Since the mine reached steady state production in 2014 the assets have generated operational free cash flow, said chief financial officer Michael Jones. Tharisa generated 143,6...
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