Tharisa slips almost 8% after warning of earnings fall

Shares of mining group Tharisa slumped almost 8% on Wednesday morning after it warned shareholders that headline earnings could fall almost a third in its year to end-September.

Headline earnings per share are expected to decrease in a range of 30.7% and 33.1%, the company said in an update, with its shares slumping as low as R13.22, though they later recovered to trade about 3% lower.

Tharisa, valued at about R4 billion on the JSE, operates its flagship Tharisa Mine about 35km east of Rustenburg in the North West. Tharisa also owns Karo Platinum, a low-cost, open-pit PGM asset under construction and located on the Great Dyke in Zimbabwe. The group had booked headline earnings of $117.4 million (R2.1 billion at the time) in its 2022 year.