Tharisa PLC Interim results for half year ended 31 March 2017 (1862F)
May 16 2017 - 2:00AM
UK Regulatory
TIDMTHS
RNS Number : 1862F
Tharisa PLC
16 May 2017
Tharisa plc
(Incorporated in the Republic of Cyprus with limited
liability)
(Registration number HE223412)
JSE share code: THA
LSE share code: THS
ISIN: CY0103562118
('Tharisa' or 'the Company')
Interim results for the six months to 31 March 2017
Tharisa, the platinum and chrome co-producer, today announces
its Interim Results for the half year ending 31 March 2017.
HIGHLIGHTS
Strong Operational Performance
- Safety: LTIFR of 0.17 (H1 FY2016: 0.30) per 200 000 man hours worked
- Ore mined up 3.8% to 2.45 Mt (H1 FY2016: 2.36 Mt)
- PGM concentrate produced 15.2% higher at 69.1 koz (H1 FY2016: 60.0 koz)
- Chrome concentrate produced increased 5.4% to 636.8 kt (H1 FY2016: 604.4 kt)
- PGM recovery improved to 78.3% (H1 FY2016: 65.0%)
- Chrome recovery improved to 63.4% (H1 FY2016: 62.8%)
- Specialty chrome production up from 17.5% to 23.9% of total chrome production
Solid Financial Results
- Revenue of US$175.1 million (H1 FY2016: US$86.0 million), up 103.6%
- EBITDA up 451.0% to US$81.0 million (H1 FY2016: US$14.7 million)
- Net cash flows from operating activities up 142.9% to US$44.2
million (H1 FY2016: US$18.2 million)
- Headline earnings per share 1 500% higher at US$ 16 cents (H1 FY2016: US$ 1 cent)
Outlook
- Continued strong operational performance expected in H2 FY2017
with a focus on improving the ROM chrome feed grades and continued
improvement in recoveries for both PGM and chrome concentrates
- 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
- Annual dividend policy of 10% of NPAT remains in place
Phoevos Pouroulis, CEO of Tharisa, commented:
"Tharisa's solid financial and operational performance underpins
its competitive cost advantage and demonstrates its ability to
deliver constant, quality results. The last six months have seen
the Company consolidate its position as a profitable, low-cost
producer and claim its place among the world's top platinum and
chrome producers."
Interim results presentation, webcast and conference call
Tharisa will host a presentation at 9:30am GMT on 16 May 2017 at
the offices of Buchanan, 107 Cheapside, London EC2V 6DN. A live
webcast of the presentation will be available on Tharisa's website
(www.tharisa.com) and on the following link:
http://vm.buchanan.uk.com/2017/tharisa160517/registration.htm
The interim results containing management commentary and the
presentation slides will be available on the group's website for
download at the same time.
A conference call line will also be available to allow
participants to listen to the webcast as well as participate in
Q&A by dialling one of the following numbers shortly before the
start of the presentation:
From the UK (toll free): 08082370040
----------------------------- ----------------
From South Africa (toll
free): 0800 222 290
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From South Africa (toll): 021 672 4008
----------------------------- ----------------
From Hong Kong (toll free): 800 903 645
----------------------------- ----------------
From the rest of the world: + 44 2034281542
----------------------------- ----------------
Participant passcode: 26461365#
----------------------------- ----------------
A recording of the webcast will be available from 1:00pm GMT on
16 May 2017 on the website and on the link above.
A playback of the call will also be available on the below
numbers:
International: 020 3426 2807
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UK Toll-Free Number: 0808 237 0026
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Passcode: 687122#
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Contacts
----------------------------------- --------------------
Tharisa plc ir@tharisa.com
----------------------------------- --------------------
Sherilee Lakmidas +27 11 996 3500
----------------------------------- --------------------
Peel Hunt LLP (Joint Broker) +44 207 7418 8900
----------------------------------- --------------------
Matthew Armitt / Ross
Allister
----------------------------------- --------------------
BMO Capital Markets Limited
(Joint Broker) +44 020 7236 1010
----------------------------------- --------------------
Jeffrey Couch/Neil Haycock/Thomas
Rider
----------------------------------- --------------------
Financial PR +44(0) 20 7466 5000
----------------------------------- --------------------
Bobby Morse/ Anna Michniewicz
----------------------------------- --------------------
JSE Sponsor
----------------------------------- --------------------
Investec Bank Limited
----------------------------------- --------------------
16 May 2017
About Tharisa
Tharisa is one of the world's leading producers of chrome, as
well as a leading PGM producer, based in the Bushveld Complex,
South Africa. Dual listed on the JSE (JSE:THA) and the Main Market
of the LSE (LSE:THS), Tharisa is one of the lowest cost producers
of PGMs and chrome concentrates, generating revenues from a single
resource from mining, processing, beneficiation, marketing, sales
and logistics.
Some 85% of all chrome produced is converted into ferrochrome, a
raw material used in the manufacturing of stainless steel. Chrome
is also utilised in foundries and the chemical industry, however
small in comparison to the stainless steel industry. Tharisa
provides China with 7% of its total metallurgical grade chrome
imports.
The ore from the Tharisa Mine produces a PGM basket containing
platinum, palladium and rhodium of favourable grades. As a result,
the Group is ideally positioned to take advantage of the positive
projected growth in the demand for PGMs, which are primarily used
in the automotive industry and jewellery manufacture.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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