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.