Tharisa, a chrome and platinum group metals (PGMs) miner, has reported a maiden interim dividend despite a disappointing drop in profit as higher operating costs eroded a chunky rise in revenue. Tharisa, which is listed in Johannesburg and London, posted a $0.02 per share dividend, its first as it implemented its policy of distributing 15% of annual post-tax profit to shareholders. The group’s revenue rose 14% to $199m for the six months to end-March compared to the same period a year earlier, but post-tax profit fell 44% to $28m. A number of one-time items pushed operating costs up as the company moved away from contractor mining to operating its own fleet of equipment and employing mining staff. Diesel prices were 22% higher and comprised 14% of mining costs. "While revenue reflected an increase over the comparable period based on increased volumes sold and an increased PGM basket price, the lower chrome concentrate prices and costs associated with the transition to the owner-mini...

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