Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) said the first half of its current year showed the benefit of its two-commodity strategy with rises in chrome concentrate helping to offset another slide in the platinum metals basket.
Phoevos Pouroulis, chief executive, commented: “We absorbed a nearly 40% decrease in PGM prices, countered by a 16% increase in chrome concentrate prices, maintaining our EBITDA in line with last year’s comparable number while investing heavily in our future growth.
“In these challenging commodity markets, we have maintained our capital allocation discipline including returning cash to shareholders through the payment of an interim dividend combined with a share repurchase programme exceeding our stated policy. “
Pouroulis added that it is stepping up underground operations at the Tharisa mine to reduce costs and reduce third-party ore purchases.
Elsewhere, good strides are being made with its Redox battery project and downstream beneficiating though the timeline at the Karo platinum development project has been affected by the weak price of PGMs.
Revenue in the six months to end March 2024 rose by 10% to US$369 million, underlying profit [EBITDA] was flat at US$79.6 million with net cash of US$86.3 million.
The interim dividend is 1.5c (3c).