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Tharisa earnings hit by pit redesign and lower metal prices

Production in the year to September amounted to 139,700 ounces of contained PGMs and 1.29 Mt of chrome concentrates

Tharisa PLC -
Tharisa expects production to pick up as its Project Vulcan kicks in

Platinum and chrome miner Tharisa PLC (LON:THS) says earnings fell sharply last year due to the impact of lower production and weak chrome prices.

Production in the year to September amounted to 139,700 ounces of contained PGMs and 1.29 Mt of chrome concentrates, which was a reduction year-on-year of 8.3% in PGMs and 11% in chrome concentrates.

Disruption from a pit redesign at the mine in South Africa was one of the issues.

Chrome concentrate prices were also weak with the received price 13% lower than the previous financial year at US$162/t.

As a result, basic and headline earnings per share for the year to September are expected to be US$4c per share or 79% lower than the US$19c seen a year ago.

Quick facts: Tharisa PLC

Price: 77.5 GBX

LSE:THS
Market: LSE
Market Cap: £206.62 m
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Tharisa PLC still generating strong cash despite curtailed operational output

Tharisa PLC's (LON:THS) head of investor relations Ilja Graulich talks Proactive London's Andrew Scott through the group's results for the year to the end of September 2019. Tharisa posted sharply lower profits in the period as lower production and weaker chrome prices hit revenues however,...

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