29th Nov 2022 08:15
(Alliance News) - Tharisa PLC on Tuesday said annual earnings got a boost from a recent acquisition and from robust production, which offset lower platinum prices.
The southern Africa-focused miner expects to report that headline earnings per share rose to between 41 US cents and 42 cents in the financial year that ended September 30 from 38.3 cents in financial 2021.
Earnings per share are estimated to have increased to between 53 cents and 54 cents from 37.4 cents, following the acquisition of a controlling interest in Karo Mining Holdings PLC. Tharisa acquired the stake for USD27.0 million in March.
Tharisa also said it consolidated its shareholding in Tharisa Minerals to 100% from 74%, with the deal being settled through the issue of new shares.
In a production update in October, Tharisa had said that platinum group metals production rose by 14% to 179,200 ounces in the recent financial year from 157,800 ounces in the prior year but that prices were low.
Annual PGM basket price of was at USD2,564 an ounce, down 17% from USD3,074 an ounce, driven by global economic slowdown.
On an annual basis, chrome production increased by 5.1% to 1.58 million tonnes from 1.51 tonnes.
Over this period, metallurgical grade chrome price climbed by 36% to USD209 per tonne from USD154 per tonne, Tharisa said in October.
Tharisa expects to release its financial results on or around Monday next week.
The stock was up 5.4% at 107.50 pence in Johannesburg early Tuesday.
By Artwell Dlamini; [email protected]
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