Tharisa slams proposed chrome export tax
Coupled with the safety performance, was Tharisa standout conduct in both mining and processing, where the tough decisions the company took over a year ago are bearing fruit, not only in the past financial year, but also in the first quarter of this new financial year, placing Tharisa on track to meet its production guidance for the year.
“Demand for our commodities remains extremely robust and with industry leading exposure to the PGM basket price, we remain confident that the operational performance will translate into healthy financial results, as was already evidenced at last year’s results. Pleasing too, is the strong increase in prices for metallurgical chrome, whose price was lagging those of other steel commodities,” said LC Pouroulis,” Executive Chairman.
“Disappointingly, the South African government has not made any further public comments on the proposed export tax for chrome. Tharisa remains a key player in the industry body known as Chrome SA, where, together with some of the other major players in the chrome market, we remain steadfast in our view that the proposed tax benefits are far outweighed by the risk, as demonstrated by independent third party analysis, possibly breaching global trade regulations in the process.
“This proposed tax will not provide lasting or coherent support to the ferrochrome industry and the only sustainable and viable aid to this downstream industry is subsidised electricity pricing, and as such, we will defend our industry position.”
Tharisa is an integrated resource group incorporating mining, processing, exploration and the beneficiation, marketing, sales and logistics of PGMs and chrome concentrates. Its principle asset is the Tharisa Mine located in the South-Western Limb of the Bushveld complex, South Africa.
The open pit, mechanised mine has a 14-year open pit life of mine (LOM) and the ability to extend operations underground by at least 40 years.
Tharisa is listed on the Johannesburg Stock Exchange (JSE: THA) and the Main Market of the London Stock Exchange (LSE: THS).
