Tharisa on track for 'strong set of financial numbers'
Production of both chrome and platinum increased over the year
Company
LON:THS
Tharisa PLC is an integrated resource group critical to the energy transition and decarbonisation of economies. The company incorporates exploration, mining, processing and the beneficiation, marketing, sales, and logistics of PGMs and chrome concentrates, using innovation and technology as enablers.
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Production of both chrome and platinum increased over the year
“PGM production is tracking to hit or even slightly exceed the upper end of guidance," said stockbroker Peel Hunt.
It maintained its full-year guidance for PGMs at 165,000-175,000 ounces
Lower site cash costs offset lower-than-expected revenues
EPS is expected to be between US$32 and $33 per share
Grades for platinum group metals were in line with estimates, as well as production
High chrome and PGM prices are helping the South-Africa-based miner
On a half year comparable basis to 2021, PGM and chrome concentrates production increased by 22.2% and 6.3% respectively
Bernard Pryor has over 35 years' experience in the mining industry and was previously the chief executive of Alufer Mining
“With the challenges and uncertainty to the supply chain of these vital precious metals, a new short dated source of primarily platinum and palladium metals is a significant risk mitigant for global users and provides security and certainty
The two mining trucks and the dozer will be fully stress-tested under operational conditions for 18 months
BEE stakeholders will benefit from Tharisa’s growth strategy, broadening their exposure to beyond the Tharisa Mine, the company said.
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This is one of the first practical steps since the company said it planned to reduce carbon emissions 30% by 2030 and become carbon net neutral by 2050
"A great start to our new financial year, which will see the company transform further with the developments at our flagship asset," said chief executive Phoevos Pouroulis.
Platinum production rose by 11% to 157,800oz, with chrome concentrate output up by 12.7% to 1.51Mt.
Operational improvements, higher PGM basket prices and improved chrome concentrate prices have helped
“In addition to this, the company has a range of growth options that we think will become more of a feature in the story"
Peel Hunt says the extended deadlines for investment will provide a buffer
Work on entrances for underground mining to take place while open pit mining continues