Tharisa records strong full-year results

30th November 2020 By: Tasneem Bulbulia - Senior Contributing Editor Online

Integrated resources group Tharisa’s revenue increased by 18.4% year-on-year to $406-million for the full year ended September 30.

The company said it recorded strong financial results, with earnings before interest, taxes, depreciation and amortisation (Ebitda) having increased by 119.8% year-on-year to $113.1-million, at an Ebitda margin of 27.9%.

Tharisa’s operating profit was up 262% to $87.6-million, while earnings a share increased by 305% to $0.16c.

Net cash flows from operating activities were up 4.4% year-on-year at $73-million.

The company says it has a strong balance sheet with a net debt-to-equity ratio of 6.6%.

It highlights that the financial metrics were underpinned by a strong operational performance.

Tharisa owns and operates the large-scale openpit Tharisa Minerals platinum group metals (PGMs) and chrome mine in the North West province of South Africa.

The company produced 142 100 oz of platinum, palladium, rhodium, ruthenium, iridium and gold (6E) PGMs and 1.34-million tonnes of chrome concentrate.

Tharisa declared a final full-year cash dividend of $0.3c apiece.

CEO Phoevos Pouroulis indicated that the next year will see the company consolidate its position further with the construction and commissioning of its Vulcan processing plant, with this plant expected to facilitate additional recovery of fine chrome from tailings streams.

The company has set its 2021 production guidance at between 155 000 oz and 165 000 oz of PGMs and between 1.45-million and 1.55-million tonnes of chrome concentrates.