GROUP
PROFILE

Integrated co-producer of PGM and chrome concentrates

Introduction

Tharisa is an integrated resource group incorporating exploration, mining, processing, and the beneficiation, marketing, sales and logistics of platinum group metals (‘PGM’) and chrome concentrates. The Group is targeting production of 200 koz of PGMs and 2.0 Mt of chrome concentrates in 2020, on an annualised basis

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Strategic initiatives

  • Discovering next generation low-cost, large-scale operations through exploration of multicommodities with geographic diversity
  • Developing into a globally significant low-cost producer of strategic commodities
  • Delivering from an established platform while maximising value extraction
  • Disciplined capital distribution with an annual dividend policy of at least 15% of net profit after tax (‘NPAT’) and capital allocation to low-risk projects

FINANCIAL AND
NON-FINANCIAL HIGHLIGHTS

REEF MINED

4.9 Mt

down 3.0%
(2017: 5.0 Mt)

PGM PRODUCTION

(5PGE + Au)

152.2 koz

up 6.0%
(2017: 143.6 koz)

CHROME CONCENTRATE PRODUCTION

1.4 Mt

up 8.8%
(2017: 1.3 Mt)


REVENUE

US$406.3 m

up 16.3%
(2017: US$349.4 m)

OPERATING PROFIT

US$72.5 m

down 26.3%
(2017: US$98.4m)

EBITDA

US$101.9 m

down 11.8%
(2017: US$115.6 m)


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GROSS PROFIT MARGIN

(%)

CHROME PRODUCTION

(kt)

INVESTMENT
CASE

Positioned for value creation

The Tharisa Mine produced 152.2 koz of PGMs and 1.4 Mt of chrome concentrates in FY2018 and has provided FY2019 production guidance of 160 koz of PGMs and 1.5 Mt of chrome concentrates, of which 375 kt will be specialty grade chrome concentrates.

The Group is targeting annual production of 200 koz of PGMs and 2.0 Mt of chrome concentrates by 2020.

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  • Tharisa is the only JSE and LSE listed co-producer of PGM and chrome concentrates
  • It is the seventh largest South African PGM producer
  • South Africa’s fourth largest chrome producer and the largest producer from a single resource
  • In FY2018, Tharisa accounted for 10.4% of China’s chrome ore and concentrate imports, and 14.4% of South Africa’s chrome ore and concentrate exports to China
  • One of the world’s largest producers of specialty grade chrome concentrates

COMPETITIVE
STRENGTHS

VISION

  • Shallow and large scale PGM and chrome resource, one of the world’s single largest chrome resources, enabling Tharisa to be a large scale producer for several decades
  • Mining of five MG Chromitite Layers allowing for the co-production of PGM and chrome concentrates
  • Extensive research and development programmes developing new technologies and beneficiation capabilities
  • Independent processing plants providing operational flexibility
  • Direct relationships with South African and international customers
  • Capacity to produce metallurgical and higher margin chemical and foundry grade concentrates for different markets
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