http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Tue, 14 Aug 2018 16:54:20 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180801090004_13739366/ Wed, 01 Aug 2018 09:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180801090004_13739366/ <![CDATA[RNS press release - Dealings in securities by directors and PDMRs ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180727080003_13733867/ Fri, 27 Jul 2018 08:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180727080003_13733867/ <![CDATA[RNS press release - Update on mailing of circular - Salene Chrome ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180718130003_13722751/ Wed, 18 Jul 2018 13:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180718130003_13722751/ <![CDATA[News - Tharisa continues to break records in platinum and chrome production ]]> http://www.proactiveinvestors.co.uk/companies/news/200341/tharisa-continues-to-break-records-in-platinum-and-chrome-production-200341.html Tharisa PLC (LON:THS) produced a record 39,500 ounces of platinum group metals during the three months to June 2018, up 3.4% on the previous quarter.

Production of chrome concentrate also hit a record, at 376,300 tonnes, up 2.6% on the quarter.

WATCH: Tharisa PLC acquires stake in a 'once in a lifetime opportunity' in Zimbabwe

Platinum group metal recoveries were at a record 85.6%, well ahead of the 80% target, while chrome recoveries were at a record 67.8%.

During the period Tharisa also acquired interests providing a low cost entry into highly prospective properties in Zimbabwe.

“Tharisa has illustrated maturity and depth by delivering another record quarter while embarking on its growth strategy through development and exploration programmes,” said chief executive Pheovos Pouroulis.

“We look forward to delivering on our production guidance for the full financial year.”

 

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Mon, 09 Jul 2018 08:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/200341/tharisa-continues-to-break-records-in-platinum-and-chrome-production-200341.html
<![CDATA[RNS press release - Q3 FY2018 Production Report 30 June 2018 ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180709070003_13709559/ Mon, 09 Jul 2018 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180709070003_13709559/ <![CDATA[RNS press release - Dealings in securities by directors and PDMRs ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180703160003_13704246/ Tue, 03 Jul 2018 16:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180703160003_13704246/ <![CDATA[RNS press release - Issue of equity and total voting rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180628070005_13696520/ Thu, 28 Jun 2018 07:00:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180628070005_13696520/ <![CDATA[Media files - Tharisa PLC acquires stake in a 'once in a lifetime opportunity' in Zimbabwe ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/9568/tharisa-plc-acquires-stake-in-a-once-in-a-lifetime-opportunity-in-zimbabwe-9568.html Wed, 13 Jun 2018 16:07:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/9568/tharisa-plc-acquires-stake-in-a-once-in-a-lifetime-opportunity-in-zimbabwe-9568.html <![CDATA[News - Tharisa expands footprint in Zimbabwe with stake in Karo Mining ]]> http://www.proactiveinvestors.co.uk/companies/news/198753/tharisa-expands-footprint-in-zimbabwe-with-stake-in-karo-mining-198753.html Tharisa PLC (LON:THS) has acquired a stake in Karo Mining Holdings Limited, a company with interests in both platinum and coal mining in Zimbabwe.

The miner said it had acquired a 26.8% stake in Karo for a total cash consideration of US$4.5mln following an investment agreement between Karo and the government of Zimbabwe in March to establish a platinum group metals (PGMs) mine, concentrators, smelters, a base metal and precious metals refinery, as well as power generation capacity for the operations with surplus energy capacity made available to the Zimbabwe power grid.

WATCH: Tharisa PLC acquires stake in a 'once in a lifetime opportunity' in Zimbabwe

Tharisa added that the acquisition provided it with access to an area in the Great Dyke of Zimbabwe covering 23,903 hectares and estimated to contain a PGM resources of around 96 Moz (on a 4E basis).

The group said it had also provided Karo with an US$8mln repayable debt facility to finance initial geological exploration and sampling work in the License Area to determine a compliant mineral resource which would enhance the value of the investment.

Tharisa made its first move into Zimbabwe in May when it acquired a 90% stake in Salene Chrome, a company which holds three grants over around 9,500 hectares of land in the Great Dyke.

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Wed, 13 Jun 2018 07:27:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/198753/tharisa-expands-footprint-in-zimbabwe-with-stake-in-karo-mining-198753.html
<![CDATA[RNS press release - Acquisition of a 26.8% interest in Karo Holdings ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180613070004_13677163/ Wed, 13 Jun 2018 07:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180613070004_13677163/ <![CDATA[News - Tharisa takes first steps into Zimbabwe with Great Dyke deals ]]> http://www.proactiveinvestors.co.uk/companies/news/198277/tharisa-takes-first-steps-into-zimbabwe-with-great-dyke-deals-198277.html All miners are at the mercy of commodity price movements.

South African group Tharisa PLC (LON:THS) is a canny operator but even its earnings have been hit by a sharp rally in the value of the rand and a drop in chrome prices over recent months.

READ: Tharisa expands footprint in Zimbabwe with stake in Karo Mining

Production of both platinum and chrome rose in the six months to March, but net profits fell 44% to US$28.5mln, though cash generated rose to US$57.1mln. Tharisa also announced a maiden dividend of 2c.

Zimbabwe expansion

Interestingly, the company has also made its 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 – essentially free dig.

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

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

Owner miner

Another change recently was for Tharisa to take over the running of the mine, which involved it buying the fleet from its contractor.

Tharisa chief executive Phoevos Pouroulis said the benefits were a greater direct control over the inputs into the processing plant.

This will minimise dilution and with the right feed grades going in at the right level, “should produce more product”.

Evidence of this came through in the latest half year as platinum production rose 11% to 77,000 ounces, helped by higher recoveries while the quantity of chrome rose 15% to 732,500 tonnes.

Karo Acquisition

Tharisa also has a 26.8% stake in Karo Mining Ltd, providing access to an extra 23,903 hectares in the Great Dyke, which is estimated to contain a PGM resource of around 96 Moz.

And the company isn't hanging around when it comes to getting the Karo project running, with chief financial officer Michael Jones saying Tharisa is looking to prove up the resource in the next 12 to 15 months, with big plans ahead.

WATCH: Tharisa PLC acquires stake in a 'once in a lifetime opportunity' in Zimbabwe

“If all goes to plan by 2023 we should have the open pit being mined” Jones says of the Karo project, adding that on preliminary indications, the mine should have an open pit life of 9 years before moving underground which could add a "40-year underground extension”.

Jones also wants to make a quick advance, given the warming political climate in the country: “The government of Zimbabwe … have clearly got an ‘open for business’ sign on the country as a whole, they are relaxing indigenisation requirements, they are looking at legislation that is more investor-friendly and also to attract foreign investment to kick-start the economy and employment … it is an ideal time to take an early mover advantage.”

Family-owned

Tharisa is 47%-owned by the Pouroulis family, a famous name in South African mining who sit behind London-listed success story Petra Diamonds (LON:PDL) among others. 

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Tue, 05 Jun 2018 09:33:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/198277/tharisa-takes-first-steps-into-zimbabwe-with-great-dyke-deals-198277.html
<![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180601120001_13663955/ Fri, 01 Jun 2018 12:00:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180601120001_13663955/ <![CDATA[Media files - Tharisa makes move into Zimbabwe with Salene Chrome acquisition ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/9313/tharisa-makes-move-into-zimbabwe-with-salene-chrome-acquisition-9313.html Thu, 17 May 2018 08:35:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/9313/tharisa-makes-move-into-zimbabwe-with-salene-chrome-acquisition-9313.html <![CDATA[RNS press release - Dividend conversion rates and timetable ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180517070009_13644375/ Thu, 17 May 2018 07:00:09 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180517070009_13644375/ <![CDATA[News - Tharisa taps into Zimbabwe platinum belt with Salene purchase ]]> http://www.proactiveinvestors.co.uk/companies/news/197073/tharisa-taps-into-zimbabwe-platinum-belt-with-salene-purchase-197073.html 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.

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Wed, 16 May 2018 07:53:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/197073/tharisa-taps-into-zimbabwe-platinum-belt-with-salene-purchase-197073.html
<![CDATA[RNS press release - Tharisa acquires 90% in Salene Chrome Zimbabwe ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180516070101_13642692/ Wed, 16 May 2018 07:01:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180516070101_13642692/ <![CDATA[RNS press release - Half-year Report ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180516070003_13642582/ Wed, 16 May 2018 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180516070003_13642582/ <![CDATA[RNS press release - Notice of interim results and webcast ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180514070011_13639023/ Mon, 14 May 2018 07:00:11 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180514070011_13639023/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180504164056_13631246/ Fri, 04 May 2018 16:40:56 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180504164056_13631246/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180504163533_13631240/ Fri, 04 May 2018 16:35:33 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180504163533_13631240/ <![CDATA[News - Stronger rand and lower chrome to affect Tharisa's first half ]]> http://www.proactiveinvestors.co.uk/companies/news/196446/stronger-rand-and-lower-chrome-to-affect-tharisa-s-first-half-196446.html 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.

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Fri, 04 May 2018 15:44:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/196446/stronger-rand-and-lower-chrome-to-affect-tharisa-s-first-half-196446.html
<![CDATA[RNS press release - Trading Statement ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180504150001_13631054/ Fri, 04 May 2018 15:00:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180504150001_13631054/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180502070010_13626521/ Wed, 02 May 2018 07:00:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180502070010_13626521/ <![CDATA[Media files - Tharisa Plc beating expectations on PGM and chrome recoveries ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/9029/tharisa-plc-beating-expectations-on-pgm-and-chrome-recoveries-9029.html Tue, 10 Apr 2018 12:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/9029/tharisa-plc-beating-expectations-on-pgm-and-chrome-recoveries-9029.html <![CDATA[News - Tharisa on track to hit production targets as platinum and chrome recovery beat expectations ]]> http://www.proactiveinvestors.co.uk/companies/news/194597/tharisa-on-track-to-hit-production-targets-as-platinum-and-chrome-recovery-beat-expectations-194597.html 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.

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Tue, 10 Apr 2018 08:05:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/194597/tharisa-on-track-to-hit-production-targets-as-platinum-and-chrome-recovery-beat-expectations-194597.html
<![CDATA[RNS press release - Q2 FY2018 Production Report 31 March 2018 ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180410070003_13597737/ Tue, 10 Apr 2018 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180410070003_13597737/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180403070007_13588338/ Tue, 03 Apr 2018 07:00:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180403070007_13588338/ <![CDATA[RNS press release - Appointment of a non-executive director ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180319130001_13572126/ Mon, 19 Mar 2018 13:00:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180319130001_13572126/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180301070002_13550051/ Thu, 01 Mar 2018 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180301070002_13550051/ <![CDATA[News - Tharisa outlines its Vision 2020 goals ]]> http://www.proactiveinvestors.co.uk/companies/news/190931/tharisa-outlines-its-vision-2020-goals-190931.html 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.

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Wed, 31 Jan 2018 14:42:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/190931/tharisa-outlines-its-vision-2020-goals-190931.html
<![CDATA[RNS press release - Vision 2020 ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180131130001_13516519/ Wed, 31 Jan 2018 13:00:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180131130001_13516519/ <![CDATA[RNS press release - Media and analyst presentations ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180130070002_13513675/ Tue, 30 Jan 2018 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180130070002_13513675/ <![CDATA[RNS press release - Tax implications of dividend ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180123090001_13505816/ Tue, 23 Jan 2018 09:00:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180123090001_13505816/ <![CDATA[RNS press release - Result of AGM and dividend conversion rate/timing ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180111070002_13492320/ Thu, 11 Jan 2018 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180111070002_13492320/ <![CDATA[News - Tharisa transition successfully concluded as it delivers record production numbers ]]> http://www.proactiveinvestors.co.uk/companies/news/189786/tharisa-transition-successfully-concluded-as-it-delivers-record-production-numbers-189786.html 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.

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Wed, 10 Jan 2018 08:01:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/189786/tharisa-transition-successfully-concluded-as-it-delivers-record-production-numbers-189786.html
<![CDATA[RNS press release - Q1 FY2018 Production Report 31 December 2017 ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180110070002_13490798/ Wed, 10 Jan 2018 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180110070002_13490798/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180102120002_13482329/ Tue, 02 Jan 2018 12:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20180102120002_13482329/ <![CDATA[RNS press release - Notice of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20171212070005_13461629/ Tue, 12 Dec 2017 07:00:05 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20171212070005_13461629/ <![CDATA[Media files - Tharisa's PGM/Chrome business set against company's 'Vision 2020' ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8512/tharisa-s-pgmchrome-business-set-against-company-s-vision-2020--8512.html Fri, 08 Dec 2017 13:45:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8512/tharisa-s-pgmchrome-business-set-against-company-s-vision-2020--8512.html <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20171201070004_13450229/ Fri, 01 Dec 2017 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20171201070004_13450229/ <![CDATA[Media files - Transition to owner-operator progressing well after record year for Tharisa ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8461/transition-to-owner-operator-progressing-well-after-record-year-for-tharisa-8461.html Thu, 30 Nov 2017 15:35:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8461/transition-to-owner-operator-progressing-well-after-record-year-for-tharisa-8461.html <![CDATA[News - Tharisa's profits soar after surge in chrome price ]]> http://www.proactiveinvestors.co.uk/companies/news/188035/tharisa-s-profits-soar-after-surge-in-chrome-price-188035.html 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.

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Thu, 30 Nov 2017 08:35:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188035/tharisa-s-profits-soar-after-surge-in-chrome-price-188035.html
<![CDATA[RNS press release - Annual results presentation - Webcast details ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20171130071502_13448875/ Thu, 30 Nov 2017 07:15:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20171130071502_13448875/ <![CDATA[RNS press release - Final Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20171130070005_13448538/ Thu, 30 Nov 2017 07:00:05 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20171130070005_13448538/ <![CDATA[News - Tharisa shareholders to get substantially increased dividends, with introduction of interim payout ]]> http://www.proactiveinvestors.co.uk/companies/news/187689/tharisa-shareholders-to-get-substantially-increased-dividends-with-introduction-of-interim-payout-187689.html 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 --

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Thu, 23 Nov 2017 07:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187689/tharisa-shareholders-to-get-substantially-increased-dividends-with-introduction-of-interim-payout-187689.html
<![CDATA[RNS press release - Dividend recommendation and dividend policy FY2018 ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20171123070006_13441205/ Thu, 23 Nov 2017 07:00:06 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20171123070006_13441205/ <![CDATA[News - Tharisa to report sharp increase in earnings on the back of improved chrome concentrate price ]]> http://www.proactiveinvestors.co.uk/companies/news/187199/tharisa-to-report-sharp-increase-in-earnings-on-the-back-of-improved-chrome-concentrate-price-187199.html 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.

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Tue, 14 Nov 2017 07:31:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187199/tharisa-to-report-sharp-increase-in-earnings-on-the-back-of-improved-chrome-concentrate-price-187199.html
<![CDATA[RNS press release - Trading Statement ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20171114070002_13430086/ Tue, 14 Nov 2017 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20171114070002_13430086/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20171101080001_13416161/ Wed, 01 Nov 2017 08:00:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14606/LSE20171101080001_13416161/ <![CDATA[Media files - Tharisa on the lookout for opportunities after excellent year of production ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8223/tharisa-on-the-lookout-for-opportunities-after-excellent-year-of-production-8223.html Wed, 11 Oct 2017 11:56:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/8223/tharisa-on-the-lookout-for-opportunities-after-excellent-year-of-production-8223.html