Tharisa expects 134pc jump in earnings per share

Tharisa expects to report an increase of up to 134 percent in earnings per share for the financial year ended in September.

The platinum and chrome producer said it would report an increase of between 128 percent and 134 percent relative to the earnings of $ 16,2 cents per share in the previous financial year.


Headline earnings per share are meanwhile expected to increase between 119 percent and 125 percent compared with the $16,9 cents in the year prior. In a recent production report, the company highlighted operational improvements and noted the higher platinum group metal basket price and improved chrome concentrate prices it received for the year under review.


“Earnings will be affected by higher freight charges and increased royalty payments as a result of the higher commodity prices received, while unredeemed capex available for setoff against future profits has been fully utilised,” it said.


Tharisa last week said open pit production from its flagship Tharisa mine has been extended by seven years to 2041 under a revised life-of-mine schedule.


The revised schedule also mitigates the risks associated with the transition to underground mining, with portal development taking place while open pit mining continues.


“Following an annual review of the company’s mineral resource and mineral reserve, the Tharisa mine’s open-pit mining will continue through to 2041, seven years longer than previously indicated,” said chief executive Phoevos Pouroulis.


“This development further cements the reputation of the Tharisa mine as a world-class, long-life asset that underpins our business and will continue to provide a sustainable, low-cost platform for over 50 years.”

Open-pit tonnage has increased by 30 percent, to 94,2 million tonnes (Mt), with total open pit and underground mineral reserves of 113.1Mt at platinum group metal (PGM) grades of 1.09 grammes a tonne (g/t) (3PGE plus gold) and chrome grades of 18,6 percent.


Tharisa’s financial results are expected to be released on or around 2 December 2021.
Tharisa is an integrated resource group incorporating mining, processing, exploration and the beneficiation, marketing, sales and logistics of PGMs and chrome concentrates.


Its principal asset is the Tharisa Mine located in the South-Western Limb of the Bushveld complex, South Africa.
The mechanised mine has a 14-year open pit life of mine (LOM) and the ability to extend operations underground by at least 40 years. – fin24

Leave a Reply

Your email address will not be published. Required fields are marked *

LinkedIn
LinkedIn
Share