Tharisa forecasts lower earnings due in part to falling PGM prices

Tharisa Minerals is a platinum group metals and chrome concentrate producer. Photo: Supplied

Tharisa Minerals is a platinum group metals and chrome concentrate producer. Photo: Supplied

Published Dec 7, 2023

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Tharisa, the resources group listed on the JSE and in London, said in an update for the year to September 30 that headline earnings per share were expected to be between 27.5 US cents and 28.5 US cents, a decrease of between 30.7% and 33.1% compared with the previous year.

It said basic earnings per share on a fully diluted basis was expected to be between 27 US cents and 28 US cents, representing a decrease of between 47.9% and 49.8% over the previous year.

In an update in October the group said the timeline for the Karo Platinum Project had been revised due to weak platinum group metals (PGM) basket prices and volatile macroeconomic conditions, in order to provide flexibility and to align with funding availability.

“The Tharisa board and audit committee remain committed to the company’s existing capital allocation strategy, including its dividend policy of distributing at least 15% of consolidated net profit after tax, and to the Karo Platinum development project,” a statement said.

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