Tharisa PLC (LON:THS) posted sharply lower profits in the year just ended as lower production and weaker chrome prices hit revenues.
Production of both platinum metals and chrome dipped due to disruption at the Tharisa mine caused by investments in the pit and fleet.
PGM production was 139,000oz, down 8%, while chrome output was 11% below the previous year at 1.29Mt.
Revenues for the year were 16% lower at US$343mln, while pre-tax profits reflected the fixed cost nature of the mine and dipped 83% to US$11.2mln.
The miner said that despite the lower revenues, it still generated cash after capex spending of US$26mln.
The dividend for the year drops to 0.75c in line with a policy of paying out 15% of net profit after tax.
Tharisa had already flagged the results in a trading update last week and the shares were little changed on the statement.
The miner has 2020 project ongoing to increase the annualised production of platinum to 200,000oz and chrome to 2Mt by the end of next year.
“The pit has progressed well in finalising hauling access ensuring smoother transport routes that lead to longer benches, allowing more controlled blasting, all with the aim of achieving the economies of scale and mining efficiencies required to attain Vision 2020," Tharisa chief executive, Phoevos Pouroulis said in a statement.