19th May 2025 09:59
(Alliance News) - Shares in Tharisa PLC fell on Monday as it said half-year earnings were down sharply due to bad weather and lower chrome prices.
In a brief statement, the Cyprus-headquartered platinum miner said it expects basic earnings per share to be between US2 cents and US 3 cents for the six months ended March 31, with a tolerance of 10%, down as much as 84% from 12.8 cents a year prior.
Headline earnings per share are expected to be between 2 cents and 3 cents with a tolerance of 10%, down as much as 85% from 13.2 cents a year ago.
In response, shares in Tharisa were down 7.3% at 57.00 pence each in London on Monday morning. In Johannesburg, shares were down 6.8% to ZAR13.66.
The company operates the Tharisa mine in the Bushveld complex in South Africa. It also is developing the Karo platinum project in Zimbabwe.
Back in April, Tharisa said production in the first-half of the financial year had been hit by "unprecedented weather-related operational challenges and the weaker chrome price on a year-by-year basis".
At the time, Tharisa said platinum group metal production fell by 12% to 62,400 ounces for the six months that ended March 31 from 71,100 ounces a year earlier.
Chrome production declined 13% to 755,400 tonnes in the half-year from 865,600 tonnes a year before.
By Jeremy Cutler, Alliance News reporter
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