Tharisa has announced its interim results for the period ended March 2017.
Revenue fro the interim period jumped to USD175.1 million (USD86.0 million) and gross profit shot up to USD82.4 million (USD21.1 million).
Results from operating activities multiplied to USD69.9 million (USD10.6 million). Profit for the period attributable to owners was higher at USD41.9 million 9USD2.9 million). In addion, headline earnings per share expanded to USD16cps (USD1cps).
Tharisa expects continued strong operational performance for the remainder of the year with a focus on improving the ROM chrome feed grades and continued improvement in recoveries for both PGM and chrome concentrates. Tharisa remains on track to achieve production of 147.4 koz of PGMs (on a 5PGE+Au basis) and 1.3 Mt of chrome concentrates of which 0.3 Mt are specialty grade chrome concentrates for FY2017.
These interim results reinforce the Group’s sustainable competitive advantage of being a profitable co-producer of PGM and chrome concentrates from a large-scale, long life open pit operation. Having de-risked the business operationally and being firmly positioned in the lowest cost quartile has allowed the Group to maximise the benefit from buoyant commodity prices. The current volatility within the chrome market is placing downward pressure on prices, however, Tharisa is competitively positioned to be profitable throughout the cycle.
The planned transition to an owner mining model presents a unique beneficial opportunity to Tharisa with its large-scale open pit operation having an open pit life of 18 years.