Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) has revealed a plan to buy back up to $5 million of the company’s shares.
The company, in a statement, said it would buy up to 10% of its shares in issue.
It comes as the company sees a significant undervaluation of its shares, which it noted is exacerbated by the current PGM commodity price environment.
"We have maintained our strict capital discipline throughout the commodity cycles and believe it is opportune to allocate capital to a share repurchase programme to the benefit of our shareholders and reflecting our firm belief in the prospects for our company,” chief financial officer Michael Jones said in a statement.
“While the PGM commodity pricing environment is challenging, chrome prices have remained firm reinforcing the strength of our co-product business model.
“The Karo platinum project is a multi-generational resource and, while maintaining capital discipline, we continue on the road to delivering the necessary third-party financing to deliver the first phase into production."