Tharisa books net profit of $46.6 million in interims, amid strong PGE prices

Tharisa (THS ), the miner of chrome and platinum group metals in South Africa, has booked revenue of US$359.4 million for the six months to end March 2026, and profits of US$46.6 million. 

Earnings per share was US$0.158, up by more than 500%. The company accordingly declared an interim dividend of US$0.025.

"The past six months have seen Tharisa deliver robust operational and strategic progress, underpinned by the resilience of global commodity markets,” said Phoevos Pouroulis, chief executive of Tharisa.

“Our strong financial and operational results are testament to the effectiveness of our integrated business model. I am particularly proud of our exemplary safety performance, which demonstrates our unwavering commitment to the wellbeing of everyone at our operations. Safety is, and will remain, our core value. Our focused investment in underground development at the Tharisa Mine reflects our dedication to maximising resource longevity and responsible value creation. The advancement of the Karo platinum project in Zimbabwe is another milestone, reinforcing our diversified growth strategy and disciplined delivery on project development.”

The company had previously released its half-year production numbers, which showed 73,000 ounces of PGEs produced, and more than 750,000 tonnes of chrome.

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Tharisa’s share price has more than doubled over the past 12 months, and it’s not hard to see why. At a time of rising commodities prices, the company is boosting production, not only from surface operations, but also from underground. The new underground workings at Tharisa involve significant capital outlay, but should secure the company’s future for the next sixty years. No doubt commodities prices will come and go during that period, but by the time of the next downcycle, the mine will be up and running, costs will be sunk, and Tharisa’s always strong cash pile should be even more robust. The company can well afford to return some cash to shareholders, and it’s good to see it doing so, even while pushing on for more growth.