Platinum group metals and chrome miner Tharisa’s share price on the JSE fell by more than 45% on Friday morning after it announced that its basic earnings a share and headline earnings a share for the 12 months ended September 30 would likely be about 79% lower year-on-year at $0.04 apiece.
The company’s share price on the LSE fell by more than 19% following the announcement.
Tharisa noted that it had, during the period under review, been impacted on by a 12% year-on-year weakening of the metallurgical-grade chrome concentrate price; a pit redesign that affected overall production volumes, with PGM output down 8.3% year-on-year and chrome concentrate production down 11% year-on-year.
The company expects to release its results for the period by about November 28.