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THARISA PLCTHARISA PLCTHARISA PLC

THARISA PLC

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Our opinion on the current state of THARISA(THA)Tharisa (THA) is a mining company that mines and beneficiates platinum group metals (PGMs) and chrome. The company is listed in London and on the JSE. The Tharisa mine on the south-west limb of the Bushveld Igneous Complex (BIC) is an open-pit operation with an estimated life of 17 years. The company owns a subsidiary, Arxo Metals, which beneficiates chrome to produce high-grade chrome concentrates. The company is planning to expand into the Great Dyke area of Zimbabwe. In our view, this is one of the best mining investments on the JSE with a cost of production that is well below current metals prices and some good options for expansion. The company has been involved in the Vulcan Plant, which will improve chrome recovery to 82% from 65% and cost $54,2m. The target is to reach 200 000 ounces of PGMs (platinum group metals) and 2 million tons of chrome ore production using a proprietary technology. The open-pit operation is relatively low-cost and does not have the problems associated with underground operations. The company is planning to build a 5MW furnace that will enable it to produce iron alloys rich in platinum group metals, which would sell for a far better price. On 27th March 2023, the company announced that it had raised $130m (about R2,3bn) in finance from ABSA and Soc Gen. In its results for the year to 30th September 2024, the company reported PGM production up 0,3% and chrome production up 7,6%. Revenue was up 11%, and headline earnings per share (HEPS) were down by 0,7%. The company said, "Other operating expenses increased by 15.9% to US$66.6 million (2023: US$57.4 million). The largest cost component of other operating expenses was employee-related expenses of US$33.7 million, which contributed 50.7% to total other operating expenses. EBITDA totalled US$177.6 million (2023: US$136.8 million), a 29.8% increase primarily due to the strengthening of chrome prices and despite the decrease in the PGM basket price." In a production report for the first quarter to 31st December 2024, the company reported PGM production of 29,9koz—down from 37,1koz in the previous quarter. The company said, "PGM prices averaging at US$1 381/oz for the quarter (Q4 FY2024: US$1 370/oz) - Average metallurgical grade chrome concentrate prices at US$271/t for the quarter (Q4 FY2024: US$314/t) - Group cash on hand of US$175.1 million (30 September 2024: US$217.7 million), and debt of US$86.1 million (30 September 2024: US$108.8 million)." Technically, the share is well-traded, with over R200 000 worth of shares changing hands on average each day. The share has been falling since July 2024 due to declining commodity prices. The share remains a risky commodity counter dependent on the international prices of the commodities it produces.
JSE:THA
by PDSnetSA
Our opinion on the current state of THARISA(THA)Tharisa (THA) is a mining company that mines and beneficiates platinum group metals (PGMs) and chrome. The company is listed in London and on the JSE. The Tharisa mine, located on the south-west limb of the Bushveld Igneous Complex (BIC), is an open pit operation with an estimated life of 17 years. The company owns a subsidiary, Arxo Metals, which beneficiates chrome to produce high-grade chrome concentrates. The company is planning to expand into the Great Dyke area of Zimbabwe. In our view, this is one of the best mining investments on the JSE, with a cost of production well below current metals prices and some good options for expansion. The company has been involved in the Vulcan Plant, which will improve chrome recovery to 82% from 65% at a cost of $54.2m. The target is to reach 200,000 ounces of PGMs (platinum group metals) and 2 million tons of chrome ore production using proprietary technology. The open pit operation is relatively low cost and does not have the problems associated with underground operations. The company is planning to build a 5MW furnace that will enable it to produce iron alloys rich in platinum group metals, which would sell for a far better price. On 5th October 2021, the company announced the cold commissioning of its Vulcan chrome beneficiation plant, which is expected to increase chrome recoveries by 20%. On 4th February 2022, the company announced that it had signed an agreement to implement a solar farm of more than 40 megawatts. On 27th March 2023, the company announced that it had raised $130m (about R2.3bn) in finance from ABSA and Soc Gen. In its results for the year to 30th September 2023, the company reported PGM production down 19.3% and revenue down 5.3%. Headline earnings per share (HEPS) fell 31.1%. The company said, "The decline in reef mined primarily emanates from access restrictions to the open pit due to limitations on mining activities in close proximity to the nearby community, adverse weather conditions experienced as well as the processing of suboptimal reef horizons which were supplemented by purchased ROM ore to maintain plant throughput." In a production update for the year to 30th September 2024, the company reported PGM production of 145,100 ounces compared with 144,700 ounces in the previous year. Chrome production was 1.7 million tons compared with 1.58 million tons in the previous year. This was the company's highest-ever chrome production. The company said, "In our efforts to reduce our carbon emissions and secure energy independence, we entered into a 15-year agreement with Etana Energy, who will be providing up to 44% of the Tharisa Mine's electricity demand via wheeled renewable energy." Technically, the share is well traded, with over R2.6m worth of shares changing hands on average each day. The share has been falling since July 2024 due to declining commodity prices. The share remains a risky commodity counter dependent on the international prices of the commodities which it produces.
JSE:THA
by PDSnetSA
THA.JSE Tharisa PLC Range Bound?Tharisa PLC Seems Range Bound. Buy now should you wish to enter this one. However is not that liquid at the moment. Needs to push past R22 to gain momentum. Analysis's Targets are high, and I'm sceptical at the moment, but these are for a 1 year out time-frame (+100%). The Price for Chrome or more China Demand could be a catalyst IMO. As always, please get a few outside Expert's Advice before taking Trade or Investment Decisions. Should you appreciate my Chart Studies, Smash That Rocket Boost Button. It's Just a Click away. Regards Graham.
JSE:THALong
by hitchcoxg
Our opinion on the current state of THARISA(THA)Tharisa (THA) is a mining company that mines and beneficiates platinum group metals (PGMs) and chrome. The company is listed in London and on the JSE. The Tharisa mine on the south-west limb of the Bushveld Igneous Complex (BIC) is an open-pit operation with an estimated life of 17 years. The company owns a subsidiary, Arxo Metals, which beneficiates chrome to produce high-grade chrome concentrates. The company is planning to expand into the Great Dyke area of Zimbabwe. In our view, this is one of the best mining investments on the JSE with a cost of production well below current metals prices and some good options for expansion. The company has been involved in the Vulcan Plant, which will improve chrome recovery to 82% from 65% and cost $54,2m. The target is to reach 200,000 ounces of PGMs and 2 million tons of chrome ore production using a proprietary technology. The open-pit operation is relatively low-cost and does not have the problems associated with underground operations. The company is planning to build a 5MW furnace that will enable it to produce iron alloys rich in platinum group metals and would sell for a far better price. On 5th October 2021, the company announced the cold commissioning of its Vulcan chrome beneficiation plant, which is expected to increase chrome recoveries by 20%. On 4th February 2022, the company announced that it had signed an agreement to implement a solar farm of more than 40 megawatts. On 27th March 2023, the company announced that it had raised $130m (about R2,3bn) in finance from ABSA and Soc Gen. In its results for the year to 30th September 2023, the company reported PGM production down 19,3% and revenue down 5,3%. Headline earnings per share (HEPS) fell 31,1%. The company said, "The decline in reef mined primarily emanates from access restrictions to the open pit due to limitations on mining activities in close proximity to the nearby community, adverse weather conditions experienced as well as the processing of suboptimal reef horizons which were supplemented by purchased ROM ore to maintain plant throughput." In a production update on the 3 months to 31st December 2023, the company reported mill throughput for PGMs and chrome up 8,7%, with chrome at a record 462,8 kilotons. The CEO, Phoevos Pouroulis, said, "We have made good operational improvements, with waste mining advances leading to better mining and plant performance, resulting in record quarterly chrome production." In a production report for the second quarter ending on 31st March 2024, the company reported PGM output unchanged and the basket price received slightly down. At the end of the quarter, the company had cash of $184,6m and debt of $114m. The CEO said, "Operationally we performed well, building on a record first quarter and on track to meet guidance." In a production report for the third quarter to 30th June 2024, the company reported PGM production of 36,9k ounces with the PGM basket price flat at $1391 per ounce. The company had cash on hand of $189,9m against debt of $97,7m. The company said, "Operationally we delivered as planned, with improved mining and plant recoveries resulting in overall PGM and chrome concentrate production increases." Technically, the share is well-traded with over R356,000 worth of shares changing hands on average each day, which makes it practical for private investors. Since March 2024, the share price has been rising in line with the improved prospects for PGMs. We recommended waiting at least for a break up through the downward trendline before investigating further. That break came on 26th March 2024 at 1405c and the share has since moved up to 1950c. The share remains a risky commodity counter dependent on the international prices of the commodities which it produces.
JSE:THA
by PDSnetSA
Our opinion on the current state of THARISA(THA)Tharisa (THA) is a mining company that mines and beneficiates platinum group metals (PGMs) and chrome. The company is listed in London and on the JSE. The Tharisa mine on the south-west limb of the Bushveld Igneous Complex (BIC) is an open pit operation with an estimated life of 17 years. The company owns a subsidiary, Arxo Metals, which beneficiates chrome to produce high-grade chrome concentrates. The company is planning to expand into the Great Dyke area of Zimbabwe. In our view, this is one of the best mining investments on the JSE with a cost of production which is well below current metals prices and some good options for expansion. The company has been involved in the Vulcan Plant which will improve chrome recovery to 82% from 65% and cost $54.2 million. The target is to reach 200,000 ounces of PGMs and 2 million tons of chrome ore production using proprietary technology. The open pit operation is relatively low cost and does not have the problems associated with underground operations. The company is planning to build a 5MW furnace that will enable it to produce iron alloys which are rich in platinum group metals and would sell for a far better price. On 5th October 2021, the company announced the cold commissioning of its Vulcan chrome beneficiation plant which is expected to increase chrome recoveries by 20%. On 4th February 2022, the company announced that it had signed an agreement to implement a solar farm of more than 40 megawatts. On 27th March 2023, the company announced that it had raised $130 million (about R2.3 billion) in finance from ABSA and Soc Gen. In its results for the year to 30th September 2023, the company reported PGM production down 19.3% and revenue down 5.3%. Headline earnings per share (HEPS) fell 31.1%. The company said, "The decline in reef mined primarily emanates from access restrictions to the open pit due to limitations on mining activities in close proximity to the nearby community, adverse weather conditions experienced as well as the processing of suboptimal reef horizons which were supplemented by purchased ROM ore to maintain plant throughput." In a production update on the 3 months to 31st December 2023, the company reported mill throughput for PGMs and chrome up 8.7% with chrome at a record 462.8 kilotons. The CEO, Phoevos Pouroulis, said, "We have made good operational improvements, with waste mining advances leading to a better mining and plant performance, resulting in record quarterly chrome production." In a production report for the second quarter ending on 31st March 2024, the company reported PGM output unchanged and the basket price received slightly down. At the end of the quarter, the company had cash of $184.6 million and debt of $114 million. The CEO said, "Operationally we performed well, building on a record first quarter and on track to meet guidance." In a trading statement for the six months to 31st March 2024, the company estimated that HEPS would fall by between 23.3% and 29%. Technically, the share trades an average of R228,000 per day, which makes it practical for private investors. It was in a strong upward trend until April 2022 but then turned down in line with commodity prices. Since March 2024 the share price has been rising in line with the improved prospects for PGMs. We recommended waiting at least for a break up through the downward trendline before investigating further. That break came on 26th March 2024 at 1405c and the share has since moved up to 1800c. The share remains a risky commodity counter dependent on the international prices of the commodities which it produces.
JSE:THA
by PDSnetSA
Our opinion on the current state of THARISA(THA)Tharisa (THA) stands out in the mining sector, focusing on the extraction and beneficiation of platinum group metals (PGMs) and chrome. The company's primary operations are anchored in the Tharisa mine, strategically located on the Bushveld Igneous Complex's south-west limb. This open pit mine boasts an impressive life expectancy of 17 years, highlighting the company's sustainable resource management. Tharisa's commitment to innovation and efficiency is further demonstrated through its subsidiary, Arxo Metals, which specializes in producing high-grade chrome concentrates. Looking beyond its established operations, Tharisa is eyeing expansion into Zimbabwe's Great Dyke area, presenting promising growth avenues. This ambition underscores the company's position as one of the JSE's premier mining investments, boasting production costs significantly lower than current metal prices, alongside notable expansion potential. The company's investment in the Vulcan Plant marks a pivotal development in enhancing chrome recovery rates from 65% to 82%, at a cost of $54.2 million. This initiative is aimed at boosting production to 200,000 ounces of PGMs and 2 million tons of chrome ore annually through proprietary technology. The operational efficiency of Tharisa's open pit mining operation, free from the challenges of underground mining, positions it advantageously in the industry. In a strategic move to add value to its product range, Tharisa plans to construct a 5MW furnace to produce platinum-rich iron alloys, targeting higher market prices. Recent milestones include the cold commissioning of the Vulcan chrome beneficiation plant on 5th October 2021, expected to enhance chrome recovery by 20%, and the signing of an agreement on 4th February 2022 for the implementation of a solar farm exceeding 40 megawatts. Furthermore, on 27th March 2023, Tharisa secured $130 million in financing, bolstering its financial position and project implementation capabilities. However, the year to 30th September 2023 presented challenges, with a decrease in PGM production by 19.3% and a 5.3% dip in revenue. Factors such as mining restrictions near community areas, adverse weather conditions, and the processing of lower-grade ore adversely affected performance. Despite these hurdles, operational improvements in the following quarters led to record chrome production, demonstrating the company's resilience and adaptive strategies. As of the second quarter ending 31st March 2024, PGM output remained stable, with a slight dip in the basket price received. The company's robust cash position and manageable debt level reflect its solid financial health and operational efficiency. From a trading perspective, Tharisa is highly active, with daily share transactions exceeding R1.1 million, making it accessible to private investors. Although the share experienced a downward trend in line with commodity prices until April 2022, recent improvements in PGM prospects have led to a price recovery. The share price broke through the downward trendline on 26th March 2024 at 1405c, climbing to 1575c, indicating positive momentum. Despite its potential, Tharisa's performance remains closely tied to international commodity prices, presenting inherent risks associated with the volatile nature of commodity markets.
JSE:THA
by PDSnetSA
Our opinion on the current state of THATharisa (THA) is a mining company that mines and beneficiates platinum group metals (PGMs) and chrome. The company is listed in London and on the JSE. The Tharisa mine on the south-west limb of the Bushveld Igneous Complex (BIC) is an open pit operation with an estimated life of 17 years. The company owns a subsidiary, Arxo Metals, which beneficiates chrome to produce high-grade chrome concentrates. The company is planning to expand into the Great Dyke area of Zimbabwe. In our view, this is one of the best mining investments on the JSE with a cost of production which is well below current metals prices and some good options for expansion. The company has been involved in the Vulcan Plant which will improve chrome recovery to 82% from 65% and cost $54,2m. The target is to reach 200 000 ounces of PGM's (platinum group metals) and 2m tons of chrome ore production using a proprietary technology. The open pit operation is relatively low cost and does not have the problems associated with underground operations. The company is planning to build a 5MW furnace that will enable it to produce iron alloys which are rich in platinum group metals and would sell for a far better price. On 5th October 2021, the company announced the cold commissioning of its Vulcan chrome beneficiation plant which is expected to increase chrome recoveries by 20%. On 4th February 2022, the company announced that it had signed an agreement to implement a solar farm of more than 40 megawatts. On 27th March 2023 the company announced that it had raised $130m (about R2,3bn) in finance from ABSA and Soc Gen. In its results for the year to 30th September 2023 the company reported PGM production down 19,3% and revenue down 5,3%. Headline earnings per share (HEPS) fell 31,1%. The company said, "The decline in reef mined primarily emanates from access restrictions to the open pit due to limitations on mining activities in close proximity to the nearby community, adverse weather conditions experienced as well as the processing of suboptimal reef horizons which were supplemented by purchased ROM ore to maintain plant throughput." In a production update on the 3 months to 31st December 2023 the company reported mill throughput for PGMs and chrome up 8,7% with chrome at a record 462,8 kilotons. The CEO, Phoevos Pouroulis, said, "We have made good operational improvements, with waste mining advances leading to a better mining and plant performance, resulting in record quarterly chrome production." Technically, the share is well traded with over R1,1m worth of shares changing hands on average each day, which makes it very practical for private investors. It was in a strong upward trend until April 2022 but has since turned down in line with commodity prices. We recommended waiting at least for a break up through the downward trendline before investigating further - and that may be imminent The share remains a risky commodity counter dependent on the international prices of the commodities which it produces.
JSE:THA
by PDSnetSA
Our opinion on the current state of THATharisa (THA) is a mining company that mines and beneficiates platinum group metals (PGMs) and chrome. The company is listed in London and on the JSE. The Tharisa mine on the south-west limb of the Bushveld Igneous Complex (BIC) is an open pit operation with an estimated life of 17 years. The company owns a subsidiary, Arxo Metals, which beneficiates chrome to produce high-grade chrome concentrates. The company is planning to expand into the Great Dyke area of Zimbabwe. In our view, this is one of the best mining investments on the JSE with a cost of production which is well below current metals prices and some good options for expansion. The company has been involved in the Vulcan Plant which will improve chrome recovery to 82% from 65% and cost $54,2m. The target is to reach 200 000 ounces of PGM's (platinum group metals) and 2m tons of chrome ore production using a proprietary technology. The open pit operation is relatively low cost and does not have the problems associated with underground operations. The company is planning to build a 5MW furnace that will enable it to produce iron alloys which are rich in platinum group metals and would sell for a far better price. On 5th October 2021, the company announced the cold commissioning of its Vulcan chrome beneficiation plant which is expected to increase chrome recoveries by 20%. On 4th February 2022, the company announced that it had signed an agreement to implement a solar farm of more than 40 megawatts. On 27th March 2023 the company announced that it had raised $130m (about R2,3bn) in finance from ABSA and Soc Gen. In its results for the year to 30th September 2023 the company reported PGM production down 19,3% and revenue down 5,3%. Headline earnings per share (HEPS) fell 31,1%. The company said, "The decline in reef mined primarily emanates from access restrictions to the open pit due to limitations on mining activities in close proximity to the nearby community, adverse weather conditions experienced as well as the processing of suboptimal reef horizons which were supplemented by purchased ROM ore to maintain plant throughput." Technically, the share is well traded with over R500 000 worth of shares changing hands on average each day, which makes it very practical for private investors. It was in a strong upward trend until April 2022 but has since turned down in line with commodity prices. We recommend waiting at least for a break up through the downward trendline before investigating further. The share remains a risky commodity counter dependent on the international prices of the commodities which it produces.
JSE:THA
by PDSnetSA
Our opinion on the current state of THATharisa (THA) is a mining company that mines and beneficiates platinum group metals (PGMs) and chrome. The company is listed in London and on the JSE. The Tharisa mine on the south-west limb of the Bushveld Igneous Complex (BIC) is an open pit operation with an estimated life of 17 years. The company owns a subsidiary, Arxo Metals, which beneficiates chrome to produce high-grade chrome concentrates. The company is planning to expand into the Great Dyke area of Zimbabwe. In our view, this is one of the best mining investments on the JSE with a cost of production which is well below current metals prices and some good options for expansion. The company has been involved in the Vulcan Plant which will improve chrome recovery to 82% from 65% and cost $54,2m. The target is to reach 200 000 ounces of PGM's (platinum group metals) and 2m tons of chrome ore production using a proprietary technology. The open pit operation is relatively low cost and does not have the problems associated with underground operations. The company is planning to build a 5MW furnace that will enable it to produce iron alloys which are rich in platinum group metals and would sell for a far better price. On 5th October 2021, the company announced the cold commissioning of its Vulcan chrome beneficiation plant which is expected to increase chrome recoveries by 20%. On 4th February 2022, the company announced that it had signed an agreement to implement a solar farm of more than 40 megawatts. On 27th March 2023 the company announced that it had raised $130m (about R2,3bn) in finance from ABSA and Soc Gen. In a trading statement for the year to 30th September 2023 the company estimated that headline earning per share (HEPS) would fall by between 30,7% and 33,1%. The company reported, "...lower PGM basket prices for the year but higher chrome concentrate prices and stated that the timeline for Karo Platinum project development had been revised as a direct result of the weak PGM prices." Technically, the share is well traded with over R500 000 worth of shares changing hands on average each day, which makes it very practical for private investors. It was in a strong upward trend until April 2022 but has since turned down in line with commodity prices. We recommend waiting at least for a break up through the downward trendline before investigating further. The share remains a risky commodity counter dependent on the international prices of the commodities which it produces.
JSE:THA
by PDSnetSA
Our opinion on the current state of THATharisa (THA) is a mining company that mines and beneficiates platinum group metals (PGMs) and chrome. The company is listed in London and on the JSE. The Tharisa mine on the south-west limb of the Bushveld Igneous Complex (BIC) is an open pit operation with an estimated life of 17 years. The company owns a subsidiary, Arxo Metals, which beneficiates chrome to produce high-grade chrome concentrates. The company is planning to expand into the Great Dyke area of Zimbabwe. In our view, this is one of the best mining investments on the JSE with a cost of production which is well below current metals prices and some good options for expansion. The company has been involved in the Vulcan Plant which will improve chrome recovery to 82% from 65% and cost $54,2m. The target is to reach 200 000 ounces of PGM's (platinum group metals) and 2m tons of chrome ore production using a proprietary technology. The open pit operation is relatively low cost and does not have the problems associated with underground operations. The company is planning to build a 5MW furnace that will enable it to produce iron alloys which are rich in platinum group metals and would sell for a far better price. On 5th October 2021, the company announced the cold commissioning of its Vulcan chrome beneficiation plant which is expected to increase chrome recoveries by 20%. On 4th February 2022, the company announced that it had signed an agreement to implement a solar farm of more than 40 megawatts. On 27th March 2023 the company announced that it had raised $130m (about R2,3bn) in finance from ABSA and Soc Gen. In its results for the six months to 31st March 2023 the company reported revenue up 0,4% and headline earnings per share (HEPS) up 13,5%. The company said, "Chrome was the standout performer for the period, with prices rising 41.1% to average at US$247/t (31 March 2022: US$175/t), while the weakening exchange rate meant that when measured in Rand/tonne terms the price increased by 64.3% for the period under review. While the PGM prices retreated, the fundamentals for the commodity remain fundamentally strong, with Tharisa uniquely positioned to manage the industry input challenges given our low use of electricity, open pit nature of the operations, flexibility of the processing plants and multiple revenue streams extracted from the run of mine material". In a production report for the third quarter to 30th June 2023 the company reported PGM output up to 37000 ounces and chrome output slightly lower at 378,8 kilotons. The company said, "Cash on hand increased by US$36.8 million to US$242.6 million (31 March 2023: US$205.8 million), resulting in a net cash position of US$141.5 million (31 March 2023: US$101.1 million)". In a production report for the 4th quarter to 30th September 2023 the company reported, "Chrome production for the year at 1 580.1 kt (FY2022: 1 582.7 kt) with Q4 at 413.4 kt (Q3 FY2023 378.8 kt) - PGM production for the year at 144.7 koz (FY2022: 179.2) with Q4 at 30.7 koz (Q3 FY2023: 37.0 koz)". Technically, the share is well traded with over R500 000 worth of shares changing hands on average each day, which makes it very practical for private investors. It was in a strong upward trend until April 2022 but has since turned down in line with commodity prices. It remains a risky commodity share dependent on the international prices of the commodities which it produces.
JSE:THA
by PDSnetSA
JSE:THA looking risky but potentially rewarding.Tharisa PLC has not escaped the share price beatdown that commodity instruments experienced from early 2022, however it is looking tasty for short term trades that could turn into long term profitable holds. Looking at the stock's line graph (candlestick graph is far too noisy due to volatility), we can see price caught in a mini falling wedge after finding support around R17. Long positions can be initiated when the instrument starts to trade and hold well above R18.75, with an initial stop loss below R17.80. It is best to trail the stop accordingly after price retests the R18.75 level and moves beyond R20.50. The fact that the stock can become quite volatile may neccessitate for wider stops. Bullish sentiments will be completely off the table once the instrument trades and settles below R16.90 as R10.30 levels and lower may be visited to seek support.
JSE:THALong
by Source_Sailor