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...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now