Proactiveinvestors RSS feed en Thu, 24 May 2018 16:43:22 +0100 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[Media files - Tharisa makes move into Zimbabwe with Salene Chrome acquisition ]]> Thu, 17 May 2018 08:35:00 +0100 <![CDATA[RNS press release - Dividend conversion rates and timetable ]]> Thu, 17 May 2018 07:00:09 +0100 <![CDATA[News - Tharisa taps into Zimbabwe platinum belt with Salene purchase ]]> Tharisa PLC (LON:THS) has made a first move into Zimbabwe with the acquisition of 90% of Salene Chrome, located on the country’s Great Dyke platinum belt.

Salene has three special grants covering an area of approximately 95sq km on the eastern side of the Great Dyke, which entitles it to mine illuvial chrome at surface.

WATCH: Tharisa makes move into Zimbabwe with Salene Chrome acquisition

Tharisa is acquiring the stake from Leto Settlement Trust, a related party.

Leto will retain a 10% free carried shareholding in Salene and be entitled to a 3% gross royalty from chrome concentrate sales.

The Great Dyke of Zimbabwe contains the world's largest known platinum group metals and high-grade chrome deposits outside of South Africa, said Tharisa with illuvial chrome concentrations of up to 30% Cr2O3 at surface.

Production rises as does rand

Upfront costs will be nominal said Tharisa, though exploration so far has been insufficient accurately to quantify the value of the net assets. 

Salene will carry out trenching to determine the grade and build a pilot plant to test the deposits. 

Tharisa increased production of both platinum and chrome in the six months to March, but earnings were hit by a sharp rally in the value in the rand and a drop in chrome prices.

Platinum production rose 11% to 77,000 ounces, helped by higher recoveries while the quantity of chrome rose 15% to 732,500 tonnes.

Net profits fell 44% to US$28.5mln, though cash generated rose to US$57.1mln.

Tharisa announced a maiden dividend of 2c.

Wed, 16 May 2018 07:53:00 +0100
<![CDATA[RNS press release - Tharisa acquires 90% in Salene Chrome Zimbabwe ]]> Wed, 16 May 2018 07:01:01 +0100 <![CDATA[RNS press release - Half-year Report ]]> Wed, 16 May 2018 07:00:03 +0100 <![CDATA[RNS press release - Notice of interim results and webcast ]]> Mon, 14 May 2018 07:00:11 +0100 <![CDATA[RNS press release - Second Price Monitoring Extn ]]> Fri, 04 May 2018 16:40:56 +0100 <![CDATA[RNS press release - Price Monitoring Extension ]]> Fri, 04 May 2018 16:35:33 +0100 <![CDATA[News - Stronger rand and lower chrome to affect Tharisa's first half ]]> Tharisa PLC (LON:THS) has become the latest South African miner to warn of the impact of the rand's rally against the US Dollar.

Interim earnings per share will be between 9 US cents per share and 11 US cents per share compared to 16 cents a year ago.

READ: Tharisa on track to hit production targets as platinum and chrome recovery beat expectations

A slide in the price of chrome to US$193/t in the first half from US$278/t has also affected the results as has the transition to owner-mining at the Tharisa mine.

Phoevos Pouroulis, Tharisa's chief executive, said: “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.”

He added: “The benefits of the owner mining model and the central focus on improving recoveries are expected to reflect in the second half.”

In late afternoon trading, company’s shares fell 15.7% to 99.5p.

Fri, 04 May 2018 15:44:00 +0100
<![CDATA[RNS press release - Trading Statement ]]> Fri, 04 May 2018 15:00:01 +0100 <![CDATA[RNS press release - Total Voting Rights ]]> Wed, 02 May 2018 07:00:10 +0100 <![CDATA[Media files - Tharisa Plc beating expectations on PGM and chrome recoveries ]]> Tue, 10 Apr 2018 12:40:00 +0100 <![CDATA[News - Tharisa on track to hit production targets as platinum and chrome recovery beat expectations ]]> Tharisa Plc (LON:THS) updated investors on its second-quarter production performance, which included above target platinum recovery.

Platinum group metal (PGM) recoveries measured 82.2% for the three month period ended March 31, compared to a target of 80% and the company produced some 38,200 ounces of PGMs.

Similarly, chrome recoveries improved to 66.3% which was better than the targeted 65% and the company achieved record chrome concentrate volumes, at 366,700 tonnes for the three month period.

WATCH: Tharisa Plc beating expectations on PGM and chrome recoveries

The company highlighted that over the first six months of the year the production tally stood at 77,000 ounces of PGMs, up 11.4% from the same period of the previous year while it produced a total of 732,500 tonnes of chrome which represents a 15% improvement from the comparative for the preceding year.

Tharisa told investors that it “remains firmly on track” to hit 2018 production guidance of 150,000 PGM ounces and 1.4mln tonnes of chrome concentrate. Meanwhile, it added that the ‘Vision 2020’ projects are on-track to deliver production of 200,000 tonnes PGMs and 2mln tonnes of chrome per year by 2020.

Tue, 10 Apr 2018 08:05:00 +0100
<![CDATA[RNS press release - Q2 FY2018 Production Report 31 March 2018 ]]> Tue, 10 Apr 2018 07:00:03 +0100 <![CDATA[RNS press release - Total Voting Rights ]]> Tue, 03 Apr 2018 07:00:07 +0100 <![CDATA[RNS press release - Appointment of a non-executive director ]]> Mon, 19 Mar 2018 13:00:01 +0000 <![CDATA[RNS press release - Total Voting Rights ]]> Thu, 01 Mar 2018 07:00:02 +0000 <![CDATA[News - Tharisa outlines its Vision 2020 goals ]]> Dual-listed Tharisa PLC (LON:THS) reiterated its 2018 production guidance at a presentation made yesterday and today to media and analysts.

The company said in a stock market statement that its near-term focus will be on continued operational improvements and the commencement of its Vision 2020 projects.

The Vision 2020 projects, two of which – the Apollo chrome and platinum group metals (PGM) and Vulcan fine chrome recovery plants – are subject to feasibility studies, should ensure Tharisa delivers 5.9mln tonnes per annum of run-of-mine ore, 200,000 ounces per annum of PGM and 2.0mln tonnes per annum of chrome concentrates by 2020.

PDF file versions of management's Powerpoint presentations are available on the Tharisa web site.

Shares in Tharisa were up 3.4% at 142.1p in afternoon trading.

Wed, 31 Jan 2018 14:42:00 +0000
<![CDATA[RNS press release - Vision 2020 ]]> Wed, 31 Jan 2018 13:00:01 +0000 <![CDATA[RNS press release - Media and analyst presentations ]]> Tue, 30 Jan 2018 07:00:02 +0000 <![CDATA[RNS press release - Tax implications of dividend ]]> Tue, 23 Jan 2018 09:00:01 +0000 <![CDATA[RNS press release - Result of AGM and dividend conversion rate/timing ]]> Thu, 11 Jan 2018 07:00:02 +0000 <![CDATA[News - Tharisa transition successfully concluded as it delivers record production numbers ]]> Tharisa PLC (LON:THS), the platinum group metals (PGM) and chrome producer, said the handover from contractors to its own mine employees at its operation in South Africa’s Bushveld Complex has been concluded successfully.

And, judging from the latest production update, in which the company also restated its full-year guidance, the process appears to have gone without a hitch.

WATCH: Transition to owner-operator progressing well after record year for Tharisa

Tharisa milled a record 1.31mln tonnes of ore in the quarter ended December 31. At 365,800 tonnes (and up 1.5% quarter-on-quarter), chrome concentrate production was at an all-time high as was speciality chrome concentrate at 88,100 tonnes. PGM production was a “solid” 38,800 ounces, the firm said.

Chrome recovery, meanwhile, exceeded its 65% target by half a percentage point.

READ: Tharisa shareholders to get substantially increased dividends, with introduction of interim payout

For the full-year, Tharisa expects to produce 150,000 ounces of PGMs and 1.4mln tonnes of chrome concentrates; 350,000 tonnes of the latter will be speciality grade.

Wed, 10 Jan 2018 08:01:00 +0000
<![CDATA[RNS press release - Q1 FY2018 Production Report 31 December 2017 ]]> Wed, 10 Jan 2018 07:00:02 +0000 <![CDATA[RNS press release - Total Voting Rights ]]> Tue, 02 Jan 2018 12:00:02 +0000 <![CDATA[RNS press release - Notice of AGM ]]> Tue, 12 Dec 2017 07:00:05 +0000 <![CDATA[Media files - Tharisa's PGM/Chrome business set against company's 'Vision 2020' ]]> Fri, 08 Dec 2017 13:45:00 +0000 <![CDATA[RNS press release - Total Voting Rights ]]> Fri, 01 Dec 2017 07:00:04 +0000 <![CDATA[Media files - Transition to owner-operator progressing well after record year for Tharisa ]]> Thu, 30 Nov 2017 15:35:00 +0000 <![CDATA[News - Tharisa's profits soar after surge in chrome price ]]> The financial year just ended was a record one for chrome producer Tharisa PLC (LON:THS) in terms of production and profitability.

Revenue in the year to the end of September rose 59.1% to US$349.4mln from US$219.6mln the year before. The increase in revenue was mainly because of the miner’s chrome segment, with the metallurgical grade chrome concentrate price increasing by 66.7% year-on-year.

READ Tharisa shareholders to get substantially increased dividends, with introduction of interim payout

Profit before tax shot up 314.2% to US$91.0mln from US$22.0mln the previous year while underlying earnings (EBITDA) soared 168.7% to US$115.6mln from US$43.0mln.

Headline earnings per share increased 266.7% to 22 US cents from six US cents in fiscal 2016.

As previously announced, the company has proposed a dividend of five US cents, up from one US cent the year before.

Tharisa mined 5.0mln tonnes of ore during the year, resulting in platinum group metals (PGM) production of 143,600 ounces of contained PGMs and production of 1.3mln tonnes of chrome concentrates.

WATCH: Tharisa on the lookout for opportunities after excellent year of production

“PGM prices remained muted during the year showing a marginal increase of US$50 per PGM basket ounce despite the rally in the palladium price, which has recently surpassed and maintained levels above the prevailing platinum price,” the company noted.

“Tharisa witnessed history in the first half of FY2017 with record prices for metallurgical chrome concentrates being achieved at approximately US$390/t. There was, however, limited liquidity and an underestimated global supply side response which displaced a large portion of South Africa's market share. Prices subsequently declined to levels as low as US$130/t mainly on the back of accumulated inventory levels,” it added.

In the second half of the financial year, there was a recovery in the spot price for metallurgical grade chrome delivered to China; the average metallurgical chrome contract price achieved in the reporting period was US$200 a tonne on a cost, insurance and freight (CIF) basis to China.

Tharisa’s shares were up 2.2% at 103.18p in the first half hour of trading on Thursday.

Thu, 30 Nov 2017 08:35:00 +0000
<![CDATA[RNS press release - Annual results presentation - Webcast details ]]> Thu, 30 Nov 2017 07:15:02 +0000 <![CDATA[RNS press release - Final Results ]]> Thu, 30 Nov 2017 07:00:05 +0000 <![CDATA[News - Tharisa shareholders to get substantially increased dividends, with introduction of interim payout ]]> Tharisa PLC (LON:THS) has announced plans to reward its shareholders by recommending a substantially increased dividend and an improved dividend policy, including the introduction of an interim payout, helping boost its share price.

The South Africa focused chrome miner said that based on improved earnings, its directors are recommending a final dividend for full year 2017 of  5 US cents per share, reflecting a material increase on the maiden distribution of 1 US cent declared a year earlier.

READ: Tharisa to report sharp increase in earnings on the back of improved chrome concentrate price

Furthermore, Tharisa added that its dividend policy for full year 2018 will be changed to provide for a payout of at least 15% of consolidated net profit after tax, an increase from the previous stated dividend policy of at least 10% of consolidated net profit after tax.

The company said it also intends to introduce the payment of an interim dividend.

Phoevos Pouroulis, the group’s chief executive said: "Tharisa has had yet another strong year operationally and, despite relatively flat PGM basket prices, has benefitted from improved prices for chrome concentrate.

“In view of delivering strong growth,  it is Tharisa's stated strategy to not only maintain but also improve returns to shareholders and provide more regular returns during the course of the financial calendar."

Analysts noted that the proposed dividend is over twice the level expected  - based on a previously communicated 10% payout policy – which they take as a sign of the strong cash flows that the group has generated over the last 6 months or so.

WATCH: Tharisa on the lookout for opportunities after excellent year of production

Tharisa said it is currently preparing its financial statements for the financial year ended 30 September 2017, with the results expected to be released on or about 30 November 2017.

In late morning trading, Tharisa shares were 5.8%, or 5.5p higher at 100.0p.

 -- Adds analyst comment, share price --

Thu, 23 Nov 2017 07:44:00 +0000
<![CDATA[RNS press release - Dividend recommendation and dividend policy FY2018 ]]> Thu, 23 Nov 2017 07:00:06 +0000 <![CDATA[News - Tharisa to report sharp increase in earnings on the back of improved chrome concentrate price ]]> Tharisa PLC (JSE:THA, LON:THS) is set to report a sharp increase in earnings per share when it releases its full-year results at the end of this month.

The company said that thanks to a solid operational performance and the increase in the chrome concentrate price, headline earnings per share are expected to be between 21 and 23 cents per share for the year to the end of September, versus just six cents for the year before.

WATCH: Tharisa on the lookout for opportunities after excellent year of production

"While the PGM [platinum group metals] basket price remained relatively flat year on year the realised average chrome concentrate price increased to US$200 per tonne for the financial year, this combined with record annual PGM and chrome production, resulted in the increase in the earnings of the company," said Phoevos Pouroulis, chief executive of Tharisa.

Tue, 14 Nov 2017 07:31:00 +0000
<![CDATA[RNS press release - Trading Statement ]]> Tue, 14 Nov 2017 07:00:02 +0000 <![CDATA[RNS press release - Total Voting Rights ]]> Wed, 01 Nov 2017 08:00:01 +0000 <![CDATA[Media files - Tharisa on the lookout for opportunities after excellent year of production ]]> Wed, 11 Oct 2017 11:56:00 +0100 <![CDATA[News - Tharisa PLC delivers strong chrome and platinum production numbers for 2017 ]]> Tharisa PLC (LON:THS) produced 360,500 tonnes of chrome concentrates during the fourth quarter of the financial year, up 8% quarter-on-quarter.

Full year production totalled 1.3mln tonnes of chrome concentrates, an increase of 7% on the corresponding period a year ago. This production also included 323,000 tonnes of higher margin specialty chrome and 143,600 tonnes of platinum group metals.

READ: Tharisa's transfer to owner mining model effective from October 1

Met chrome prices improved to US$172 per tonne CIF China, up from US$147 per tonne in the June quarter.

The full year average price was US$200 per tonne, reflecting the big run up in the March quarter, which later unwound.

The average platinum metals basket price US$825 per ounce in the fourth quarter, up from US$792 per ounce in the third quarter.

The focus for the current year will be the transition to owner mining which commenced on October 1 after Tharisa purchased the fleet and agreed to transfer the personnel that were previously deployed by contractors on site.

The move should generate operating cost savings over remaining life of mine.

READ: Tharisa to operate chrome plant at Lonmin's Marikana mine

Guidance for the current year is 1.4 mln tonnes of chrome concentrates, including 350,000 tonnes of specialty concentrates and 150,000 ounces of PGMs.

Broker Numis argued the numbers represented a “good production result” for Tharisa.

“We expect a positive response to the operational delivery and improvement in the chrome price,” the analysis added.


Tue, 10 Oct 2017 08:28:00 +0100
<![CDATA[RNS press release - 4th Quarter and FY2017 Production Report ]]> Tue, 10 Oct 2017 07:00:02 +0100 <![CDATA[RNS press release - Total Voting Rights ]]> Mon, 02 Oct 2017 07:00:03 +0100 <![CDATA[News - Tharisa's transfer to owner mining model effective from October 1 ]]> Tharisa PLC (LON:THS) says it expects to produce 150,000 ounces of PGM (platinum group concentrate) and 1.4Mt (million tonnes) of chrome concentrates in full year 2018, as it said its acquisition of MCC’s assets was now unconditional and effective from October 1.

As reported previously, Tharisa will buy from MCC certain existing mining equipment, spare parts, as well as transfer employees currently on site and deployed at the Tharisa mine in South Africa.

READ: Tharisa to operate chrome plant at Lonmin's Marikana mine

By taking direct control of its mining operations, Tharisa said it will be better placed to control reef grades and deliver improved ore to the processing plants and optimise the feed and recovery.

As reported previously, the cost will be 303.3mln rand (US$22.3mln) for 153 'yellow fleet' machines that are substantially all of the equipment at the mine, as well as 17 additional machines from another MCC site.

In addition, planned near term fleet optimisation equipment purchases of US$8.3mln are now committed, including drill rigs, excavators and additional mining fleet. 

READ: Tharisa formalises chrome supply deal with the Chinese

 The estimated fleet replacement cost is around US$145mln.

Tharisa large scale open pit operation has an open pit life of 18 years and a further 40 years underground.

"With the long life of the open pit, the transition to an owner mining model is a logical progression in its development by derisking operations, it told investors.

Fri, 22 Sep 2017 08:18:00 +0100
<![CDATA[RNS press release - Acquisition of mining fleet from MCC unconditional ]]> Fri, 22 Sep 2017 07:00:02 +0100 <![CDATA[RNS press release - Dealings in securities by directors ]]> Fri, 08 Sep 2017 14:00:01 +0100 <![CDATA[News - Tharisa to operate chrome plant at Lonmin's Marikana mine ]]> Tharisa PLC (LON:THS) has taken over the operation and sales and marketing functions of Lonmin’s (LON:LMI) K3 UG2 chrome plant at the Marikana mine in South Africa.

Subsidiary Arxo Metals will run the plant and aims to boost metal recoveries to levels seen at Tharisa’s own operations, where 68% chrome was recovered in the half year to March.

READ: Tharisa formalises chrome supply deal with the Chinese

"The marketing and sales of UG2 chrome from K3 expands the basket of chrome concentrates sold by Tharisa and leverages off its established logistics and marketing platforms," said Phoevos Pouroulis, Tharisa’s chief executive in a statement.

In addition, Arxo is also commissioning a pilot plant to produce PGM-rich metal alloys to develop Tharisa's beneficiation capability, the company announced in a separate statement.

The furnace is scheduled to be commissioned at the end of September and take approximately six months to ramp up.  The alloy produced will be smelted by Lonmin as part of a PGM (platinum group metals) research and development co-operation agreement between the two companies.

WATCH: Tharisa notches up another record quarter of production

"The PGM research and development co-operation agreement is in line with the group's strategic objective of moving down the value chain. Tharisa and Lonmin have a good relationship and we are pleased to be working together to our mutual benefit," said Pouroulis.

Thu, 31 Aug 2017 08:07:00 +0100
<![CDATA[RNS press release - Arxo Metals to operate Western Platinum's K3 plant ]]> Thu, 31 Aug 2017 07:00:02 +0100 <![CDATA[Media files - Shiny new 5yr deal with the Chinese for Tharisa ]]> Thu, 24 Aug 2017 14:27:00 +0100 <![CDATA[News - Tharisa formalises chrome supply deal with the Chinese ]]> Platinum group metals and chrome producer Tharisa PLC (LON:THS) said it has inked a strategic co-operation agreement with the Shanxi Taigang Wanbang Furnace Charge Co, a joint venture company of the Chinese giant Taiyuan Iron & Steel Co (TISCO).

The five-year deal, which starts next month, will see Tharisa supply a minimum of 240,000 tonnes of metallurgical-grade chrome concentrate, which is around a quarter of its production.

WATCH: Tharisa boss discusses shiny new five-year deal... READ: Tharisa's self-help programme stands it in good stead

"Tharisa is pleased to have formalised its relationship with TISCO, a long-time client,” said chief executive Phoevos Pouroulis in a statement.

“The co-operation agreement further cements our position in the Chinese market and underpins our order book. 

He also said it was “encouraging to note” that spot chrome prices have increased above US$200 a tonne on the back of improved stainless steel production.

The shares rose 15.8% to 91.5p on the back of the news. Broker Peel Hunt thinks they have further to go as it restated its ‘buy’ and 195p a share price target.

--Updates for share price, video link--

Thu, 24 Aug 2017 08:26:00 +0100
<![CDATA[RNS press release - Strategic cooperation agreement with China's TISCO ]]> Thu, 24 Aug 2017 07:00:02 +0100 <![CDATA[RNS press release - Fulfilment of conditions precedent ]]> Fri, 11 Aug 2017 07:00:02 +0100