Tharisa Minerals’s share price surged by almost 13% on Tuesday after the platinum group metals (PGMs) and chrome miner said its basic earnings per share (EPS) for the financial year ended September 30 were expected to rise between 41% and 44%.
In its trading statement for the year ended September 30, 2022, the group said EPS of between $0.53 (R8.99) and $0.54 was expected, relative to the EPS of $0.37 a share for the previous financial year, and after accounting for the acquisition of a controlling interest in Karo Mining Holdings as a business combination.
Headline earnings per share (Heps) for the reported period on a fully diluted basis were expected to be between $0.41 and $0.42, an increase of between 7% and 9% relative to the Heps of $0.38 the prior year.
A production report for the period released in October by the company had highlighted lower PGM basket prices for the year, but higher chrome concentrate prices – both supported by a weaker rand-dollar exchange rate.
Tharisa is preparing its financial statements for the 2022 financial year to be released on or around December 5.
The shares increased by 12.63% and traded at R23 in intraday trade. At the close the shares were up 10.19% at R22.50.
BUSINESS REPORT