MINING REFINING

Tharisa makes significant financial and operational headway

Thu Nov 28 2024

Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF), a mining company focusing on platinum group metals (PGMs) and chrome, reported strong annual results for the year ending September 30. The company saw an increase in key production metrics, including a 9.5% rise in reef mined to 4.6 million tonnes and a 7.6% boost in chrome production to 1.7 million tonnes.

PGM production was steady at 145,100 ounces. Revenue rose by 11% to $721.4 million, with operating profit up 26% to $119.6 million. Earnings per share increased slightly to 27.7 cents, while headline earnings per share dropped marginally by 0.7% to 28.1 cents. Tharisa declared a final dividend of 3 cents per share, lower than the previous year’s total of 5 cents, reflecting cautious capital allocation amid market uncertainties.

The company highlighted its focus on sustainability and reducing its carbon footprint, including a 15-year renewable energy deal and a 40 MW solar project under construction. Tharisa is also developing a proprietary battery technology through its Redox One initiative.

Source: https://www.proactiveinvestors.com