Platinum groups metals (PGMs) and chrome miner Tharisa’s earnings before interest, taxes, depreciation and amortisation increased by 243.1% year-on-year to $124.2-million for the six months ended March 31.
Its revenue increased by 61.2% year-on-year to $313.6-million, while its operating profit increased by 368.6% to $104.5-million.
As such, Tharisa’s earnings a share and headline earnings a share increased by 494.4% and 491.9%, respectively, year-on-year.
The miner, which owns and operates the large-scale openpit Tharisa Minerals PGMs and chrome mine in the North West province, declared a dividend of $4 apiece for the period.
CEO Phoevos Pouroulis says the first half of the company’s 2021 financial year saw consistency within its operations, with steady improvements in mined and processed tonnes, underpinned by Tharisa’s safety record, which set the foundation for increased output.
This, he says, enabled the miner to leverage rising commodity prices.
“All our major commodities, namely PGMs' and chrome’s basket prices rose, as the world economy started to recover post the impact of the Covid-19 pandemic.”
With its “favourable” PGMs basket, Pouroulis says Tharisa experienced prices trading at record levels.
PRODUCTION
In terms of production, Tharisa increased its PGMs production by 12.9%, to 75 100 oz; while the volume of reef mined increased by 8.7% to 2.5-million tonnes.
Chrome concentrate output increased by 12% to 730 700 t.
As such, the miner’s full-year guidance remains at between 155 000 oz and 165 000 oz of PGMs, while its chrome concentrate production is estimated at between 1.45-million and 1.55-million tonnes.
“Our growth strategy remains well on track, with Vulcan construction progressing as planned and Tharisa post half-year announcing the consolidation of its ownership in Salene Chrome, a strategic building block to capture the significant geological endowment of Zimbabwe’s Great Dyke,” says Pouroulis.