(Alliance News) - Tharisa PLC on Thursday said it expects annual earnings to surge on higher commodity prices.
The southern Africa-focused platinum miner expects basic earnings per share between 37 US cents and 38 cents in the year ended September 30. This would be more than double the 16.2 cents achieved in the previous financial year.
In October, the company said its average platinum group metals basket price for the year rose 80% to USD3,074 per ounce. Chrome concentrate prices also improved, Tharisa said.
It did, however, note that higher freight costs and increase royalty payments, due to the higher commodity prices, kept a lid on earnings.
It plans to release its annual results on or around December 2.
Tharisa shares were 1.0% lower at 124.27 pence each in London on Thursday morning. In Johannesburg on Thursday afternoon, the stock was up 6.7% at ZAR27.75.
By Eric Cunha; ericcunha@alliancenews.com
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Tharisa (THS)