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[LISTEN] 'While PGMs have dropped, the chrome price is up some 35% y/y, boosting our record revenue and profit,' - Tharisa CEO Phoevos Pouroulis on MoneywebNow with SimonPB. Download the podcast below. Moneyweb TharisaEarnings
SIMON BROWN: I’m chatting now with Phoevos Pouroulis, Tharisa’s CEO, on results for the year [to] end September. Revenue up 15%, earnings per share up 44%. Phoevos, a really good year, but some challenges. The most notable, I imagine, is Eskom. How are you managing [or] handling load shedding?
SIMON BROWN: Yes, absolutely. A very, very strong year in terms of production. Guidance for the year ahead is sort of in the range where you came in, but you make a point in the results that recycling is going to be the significant driver of [platinum group metals ] supply and demand because there’s not a heck of a lot of new [supply] coming on. We’ll touch on Zimbabwe in a moment, but it really is up to the recyclers.
SIMON BROWN: One hundred percent. And one of the key things, the PGM basket price is down in the year, more in dollars than in rand. The rand helped some of it, but it’s still at, frankly, massively profitable levels. SIMON BROWN: I mentioned Zimbabwe – the Great Dyke [in the Mashonaland West District]. I was doing some digging over the weekend. That’s the second-largest PGM deposit in the world. Of course, Bushveld is the largest, the Bushveld Complex [in SA]. You’ve got the acquisition there [in Karo Mining Holdings]. You now have the majority stake, [with] production looking for mid-2024.
PHOEVOS POUROULIS: Correct. So we see first ore in the mill in July 2024, [and] give ourselves six months to de-bottleneck the processing plant. I think on an annualised basis in calendar year 2025 we should start seeing us getting to that run rate. Most importantly, through the multi-modal export channels we have, we’re able to get our product out of the country and to our customers.
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