THARISA, a chrome and platinum group metal (PGM) producer, expected to report a 31.25% decline in interim headline share earnings of 11 US cents per share following a decline in the price of metallurgical chrome prices, and a strengthening of the rand against the dollar which also depressed revenues.
“Higher volume sales for both PGMs and chrome concentrate, were offset by lower spot chrome prices and an increase in costs associated with the transition to owner mining,” said Phoevos Pouroulis, CEO of Tharisa in an announcement to the JSE. “The benefits of the owner mining model and the central focus on improving recoveries are expected to reflect in the second half,” he added.
In a production update for the second quarter, Tharisa said its production guidance for the financial year ended September was unchanged at 150,000 ounces of contained PGMs and 1.4 million tonnes (Mt) of chrome concentrates. Production in the firm’s 2017 financial year totalled 143,000 oz contained PGMs and 1.3Mt of chrome concentrates.
Tharisa is due to report its interim numbers on May 16.
