Falling chrome prices take the shine off Tharisa
Lower chrome prices and a decline in platinum group metal production has weighed on the miner in its year to end-September
Chrome and platinum group metals (PGM) miner Tharisa said on Friday falling production and a decline in chrome prices would prompt about an 80% fall in headline earnings per share (Heps) in its year to end-September.
Chrome concentrate prices had fallen 12.9% to $162 a ton the company said, with a pit redesign undertaken throughout the year also weighing on production.
PGM production fell 8.3% and chrome concentrate 11%, with the company expecting a 79% decline in Heps to 4USc per share.
The company said operational improvements were recorded in the second half of the year, but it did not attain its production guidance for the year.
The company’s results are expected on November 28.