Dual-listed platinum group metal (PGM) miner Tharisa is set to embark on a general repurchase of ordinary shares up to 10% of the 302 596 743 ordinary shares in issue which translates to $5 million.
The company believes that its shares are trading at a significant discount, having been negatively impacted by the PGM commodity price environment while not reflecting the strong co-product contribution from its chrome sales.
“We have maintained our strict capital discipline throughout the commodity cycles and believe it is opportune to allocate capital to a share repurchase programme to the benefit of our shareholders and reflecting our firm belief in the prospects for our company,” said Tharisa chief financial officer Michael Jones.
“While the PGM commodity pricing environment is challenging, chrome prices have remained firm reinforcing the strength of our co-product business model.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
