Tharisa bounces back as strong commodity prices help earnings

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  • Tharisa reports record-breaking quarter
  • Tharisa PLC now operating chrome and PGM mines at full capacity, and enjoying renewed commodity price strength
  • Berenberg sets 190p price target for Tharisa PLC, following third quarter results
  • Tharisa report ‘best financial results in the company’s history’ and expects stronger second half
Tharisa PLC -

Quick facts: Tharisa PLC

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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.

09 Jul 2021

() reported a stronger balance sheet after a third-quarter that saw record mining rates and tonnes processed.

Cash on the balance sheet rose to US$80.5mln at the end of June from US$72.8mln at the start, even with a US$10.8mln interim dividend payment made during the period. Net cash stood at US$41.8mln, after allowing for debt.

A record level of chrome concentrate output of 379.7 kilotons (kt) was produced in the three months to 30 June, versus 358.4kt in the preceding quarter and 321.4kt a year earlier.

Output of platinum group metals (PGMs) rose 8.9% in the quarter to 39.0 kilo-ounces (koz) and up 11.4% on last year.

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27 May 2021

() said its growth strategy remains on track after a first half that saw steady improvements in mined and processed tonnes.

Revenue in the six months to the end of March rose 61.2% to US$313.6mln from US$194.6mln the year before. The group said platinum group metals concentrate generated US$193.3mln of sales while US$102.1mln was derived from the sale of chrome concentrate.

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19 May 2021

(), an integrated platinum and chrome producer, expects its earnings per share for the six months to end March to be around six times higher than the corresponding interim period.

Basic earnings per share and headline earnings per share (HEPS) are expected to be between 21 US cents and 22 US cents per share, with a tolerance of 10%, relative to the earnings per share and HEPS of 3.6 US cents and 3.7 US cents per share for the six months to end March 2020, it said in a trading statement.

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11 Jun 2020

No one could doubt that the world now is a very different place to the world as it seemed at the beginning of this year. Coronavirus has come and wreaked havoc on the health and wellbeing of millions around the world, and disrupted markets and income streams everywhere.

In one or two serendipitous cases however, the outcomes haven’t been all bad. There’s the online delivery and tech sectors, for a start. There’s the international iron ore mining industry, in which prices have held up as supply from Brazil has collapsed even as demand from China remains strong.

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09 Jul 2021

Although investment bank Berenberg only modestly increased its estimates for ()() following a decent set of third quarter production results, there may well be more upside to come.

“A mixture of strong stainless steel production in China, coupled with tightness in the ferrochrome market (causing price increases) and scope for supply disruption of chrome concentrate, offer the potential for chrome concentrate prices to move higher than the current US$160 per tonne level,” Berenberg said in a note on 9th July.

That potential price increase hasn’t at this stage been factored into the Berenberg model, which shows Tharisa delivering sales of US$658mln and net profit of US$127mln for the full financial year 2021, with a slight drop off to sales of US$630mln and profits of US$107mlnin 2022.

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27 May 2021

‘s () Phoevos Pouroulis, the chief executive, speaks to Proactive London’s Katie Pilbeam about their performance in the six months to the end of March.

He says their strategy remains on track after a first half that saw steady improvements in mined and processed tonnes.

Revenue in the period rose 61.2% to US$313.6mln from US$194.6mln the year before. The group said platinum group metals concentrate generated US$193.3mln of sales while US$102.1mln was derived from the sale of chrome concentrate.

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Tharisa report ‘best financial results in the company’s history’ and expects…

Tharisa PLC’s (LON:THS) Phoevos Pouroulis, the chief executive, speaks to Proactive London’s Katie Pilbeam about their performance in the six months to the end of March.

He says their strategy remains on track after a first half that saw steady improvements in mined and processed…

on 27/5/21

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