Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) said chrome was the "standout performer" in the past six months as prices jumped and sales volumes rose by almost 10% despite disruption to mining caused by heavy rainfall and power outages.
Revenue from the metal increased by 57% to US$188mln in the half year to 31 March 2023, even though production of speciality chrome dropped by almost 60%.
Production of metallurgical grade chrome offset this, rising by 18.7%, with prices also up by 41% to US$247t over the interim period. Gross profits from chrome rose 67% to US$58.2mln.
Platinum and its associated metals were the reverse, the South Africa-based miner said, with revenues down by 37% to US$122mln as prices and sales volumes both dropped causing gross profits to slide 61% to US$33.4mln.
Overall, group revenue rose by 0.4% to US$335mln with underlying (EBITDA) profits down by 27% at US$81.2mln and pre-tax profits at US$72.4mln (2022: US$124.3mln).
Cash inflows doubled to US$97.1mln, with net cash at the period end of US$113mln.
In a statement, Phoevos Pouroulis, Tharisa chief executive, commented: “Despite the headwinds we experienced in the half-year, we nevertheless managed a healthy EBITDA margin, which ensures we can build on this sustainability and be part of the energy transition so vitally needed.
"While having a direct effect on our PGM production, Tharisa managed to successfully increase its chrome production, feeding a market which reached multi-year pricing highs during the period.
"Our unique model of co-producing high-quality chrome and PGM products has allowed Tharisa to deliver strong returns to our stakeholders despite not only dealing with unprecedented rainfall, but also the impact of electricity curtailments and logistics issues in South Africa, in particular.
"Tharisa’s intention to become a multi-mine and multi-jurisdiction company is a strategy which de-risks the business, and the progress being made at Karo in Zimbabwe underpins Tharisa’s path to becoming one of the top ten producers of platinum, globally."
An interim dividend of 3 cents was announced.