After reporting strong operations, Tharisa sets its sights on growth
With another strong operational performance behind it, the chrome and PGM miner casts its focus to Zimbabwe
Chrome and platinum group metals (PGMs) miner Tharisa reported strong operational results and a total $0.04 per share dividend for its 2018 financial year. Improved production of both chrome and PGMs offset a decline in the price of metallurgical chrome but benefited from a higher PGM price, resulting in revenue rising to $406m in the year to end-September from $349m in the previous year. Chrome sales make up $250m of revenue and PGMs $117m. Tharisa’s trading arm realised revenue of nearly $39m. Pretax profit fell to $65m from $91m, with the $21m purchase of a mining fleet in the switch to owner-mining from using a contractor weighing on the profit line. Chrome output increased by almost 9% to 1.4-million tons and PGM production rose by 6% to 152,200oz. Tharisa is the fourth-largest producer of South African chrome and the seventh-biggest PGM miner in the country. SA dominates the world’s supply of chrome, producing 55% or 16.6-million tons a year, and is by far the largest source o...
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.