Tharisa Share Price (THS)

Hi Manyaana, I have mentioned Salene before but no information was forthcoming and in the current lull Ilja is not allowed to comment until the H1 accounts are out on 24/05. As you say, the Zim government introduced an export ban to encourage the added value to stay in the country but it probably just allows the domestic ferrochrome producers to buy at lower prices if they do not have to compete with the Chinese export market (intriguingly there is a small amount of Zim chrome concentrates sold in China so I am not sure how it gets out). There was discussion of a similar export ban in S Africa but they have gone in a different direction.

If I remember rightly, Salene was a relatively small scale operation based on 80,000 tonnes/year high grade chrome concentrates with a relatively small LOM of 7-10 year, but 80,000 tonnes at say $400/tonne would give a revenue of $32m/year which would probably generate a profit after tax of say $8m/year. Instead it is currently mothballed but still held in the Tharisa accounts for a rainy day. In their analysis 2 days ago, Tamesis gave Salene a risked value of $48m.

Likewise I would like to hear more on the smaller open pit possibly starting to transition to an underground mine as early as 2025 or 2026 and what this will do to overall chrome production and costs at Tharisa over the next 3 to 8 years.

Salene Chrome was commissioning, with production due to commence in Q3 FY2022 when a Government Export ban on Chrome concentrates resulted in the the Plant being placed on "Care & Maintenance" pending a review of the ban and the Business Case.

With Chrome prices at their highest since this Export ban was introduced, I assume Tharisa are keen to address this ban with the Zimbabwe Government, because it must have hit our potential revenues and Share price massively over this last couple of years.

I can't believe this has not been discussed more on this Board. Why was the ban on exports introduced? How long is it expected to last? What is the future for Salene Chrome?

It's about time Tharisa gave a comprehensive update on Salene Chrome.

Slow steady rise continuing after Q2 figures.

Metal prices up again this week.

I for one am very happy with the buyback, Tharisa is a thinly traded share with low volume so 5million buyback is a plenty, particularly given the investment need in Karo. I bought more posted here at 48 and 52 after a number of people on these boards worried about Karo and the price took a further tumble; a combination of a bit of PGM recovery and buyback has increased those by new shares by 40% and a third so can’t complain. The daily buyback amounts can’t be huge given volume.

We don't have to anounce when and how much we buy back under JSE rules, but will provide an update when approprttae, let's just say there has been more buying.....