i n t e r i m r e s u l t s - tharisa · east pit widened and extended to optimise logistics...
TRANSCRIPT
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I N T E R I M R E S U L T Sfor the six months ended 31 March 2019
Discover Develop Deliver
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SALIENT FEATURES
REEF MINED
2.22 Mtdown 9.3%
(HY2018: 2.45 Mt)
PGM PRODUCTION (5PGE+Au)
67.6 kozdown 12.2%
(HY2018: 77.0 koz)
CHROME CONCENTRATE PRODUCTION
614.1 ktdown 16.2%
(HY2018: 732.5 kt)
REVENUE
US$166.5 mdown 16.4%
(HY2018: US$199.2 m)
OPERATING PROFIT
US$14.3 mdown 64.6%
(HY2018: US$40.4 m)
EBITDA
US$30.1 mdown 44.4%
(HY2018: US$54.1 m)
PROFIT BEFORE TAX
US$10.2 mdown 72.6%
(HY2018: US$37.2 m)
EARNINGS AND HEADLINE EARNINGS PER SHARE
US$ 4 centsdown 60.0%
(HY2018: US$ 10 cents)
INTERIM DIVIDEND
US$ 0.5 cent16.2% NPAT
2
EPS
US$ 4 cents(HY2018: US$ 10 cents)
DEVELOPING A TIER ONE MINE IN ZIMBABWE
Strong Q2 performance mining and processing
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SAFETY AND SUSTAINABILITY
3
0.24LTIFRLOST TIME INJURY FREQUENCY RATE
AS AT 31 MARCH 2019
3+YEARS FATALITY FREE
64ENGINEERING LEARNERSHIPS
23INTERNS AND GRADUATES
69ADULT EDUCATION AND TRAINING LEARNERS
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PRODUCTION
Discover Develop Deliver
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THARISA MINE PIT OPTIMISATION
▪ East Pit widened and extended to optimise logistics
▪ Improved access to East Pit from north side with more regular backfill now possible on south side as pit advances north
▪ Longer benches and better drilling, blasting and hauling continuity as access roads now run parallel to the pit as it advances
▪ Longer benches ensure more optimal product mix and grade control to be delivered to Genesis and Voyager Plants
▪ Transition to 24-hour operation in East Pit completed, resulting in mining capacity increase
5
ADDITIONAL MATERIAL MOVED
1.3 Mm3
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PRODUCTION - MINING
▪ 2.2 Mt of ore was mined at an average rougher feed grade of 1.49 g/t PGMs on a 5PGE+Au basis and 18.2% chrome
▪ Focused on access to full mining strike length; maintaining correct multi-reef layer profile to ensure stable feed grades for processing
▪ Stripping ratio was 7.1 on a m3:m3 basis for the six months, if additional material included in stripping ratio calculation, stripping ratio tracked LOM average of 9.5
▪ Additional fleet purchased and planned for pit optimisation and targeting Vision 2020 ROM production
REEF MINED[Mtpa]
6
LOM OPEN PIT STRIPPING RATIO
9.5 m3:m3
2.0
2.0
2.4
2.4 2.5
2.2
1.9
2.2
2.4 2
.6
2.4
10.6 10.7
7.3 7.5 7.97.1
-15
-10
-5
0
5
10
15
0
1
2
3
4
5
6
7
FY2014 FY2015 FY2016 FY2017 FY2018 HY2019
Reef mined (H1) Reef mined (H2) Stripping ratio
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FLEET CAPACITY
7
DRILL
13 OB drill rigs
12 IB/reef drill rigs
Capable of drilling +100 km pm
BLAST
Blasting is outsourced
LOAD
10 excavators
1 CAT 6050 face shovel
Capable of loading +1.8 Mm3 pm
HAUL
54 haul trucks
CAT 777 for IB/reef
CAT 785/789 for OB
Capable of hauling +1.7 Mm3 pm
Current fleet capable of mining the 5.6 Mtpa of reef and more than the life of mine average stripping ratio to meet Vision 2020 targets
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PRODUCTION - PGM
▪ Unprecedented stage 4 load shedding in March 2019 introduced instability into processing plants
‒ Measures implemented to mitigate risk of further load shedding and the impact on production with installed diesel generator capacity
▪ PGM production decreased by 12.2% to 67.6 koz (HY2018: 77.0 koz)
▪ PGM rougher feed grade of 1.49 g/t (HY2018: 1.52 g/t)
▪ PGM recoveries down to 80.7% from 83.2%, above targeted 80.0%
▪ In the second quarter, PGM recovery improved to 85.5%
▪ Recoveries have returned to normal operating levels, post the processing of the commissioning tailings in the first quarter
▪ Planned commissioning in Q4 FY2019 of PGM optimisation Phase 2
PGM PRODUCTION[kozpa]
8
38
.4
57
.4
60
.0 69
.1 77
.0
67
.639
.8
60
.6
72
.6 74
.5 75
.2
48.8%
65.8%69.9%
79.7%84.1%
80.7%
-100.0%
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
0
20
40
60
80
100
120
140
160
180
200
FY2014 FY2015 FY2016 FY2017 FY2018 HY2019
PGM production (H1) PGM production (H2) PGM recovery
Q2 PGM RECOVERY OF
85.5%
Pt54.9%
Pd17.4%
Rh9.5%
Au0.2%
Ru13.6%
Ir4.4%
PRILL SPLIT
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PRODUCTION - CHROME
▪ Chrome concentrate production decreased by 16.2% to 614.1 kt (HY2018: 732.5 kt)
▪ Cr2O3 ROM grade of 18.2% (HY2018: 18.1%)
▪ Chrome recoveries of 60.8% (HY2018: 65.9%)
▪ Of the 614.1 kt of chrome concentrates produced, 148.1 kt or 24.1% of production was specialty grade chrome concentrates
CHROME PRODUCTION[ktpa]
9
56
9.4
56
3.3
60
4.4
63
6.8 73
2.5
61
4.1
51
5.8
55
8.7 63
9.3 69
4.4 71
5.5
59.4% 58.0% 62.7% 64.1% 66.0%60.8%
13.7% 10.1%21.7% 24.3% 25.4% 24.1%
-200.0%
-150.0%
-100.0%
-50.0%
0.0%
50.0%
100.0%
0
200
400
600
800
1000
1200
1400
1600
1800
2000
FY2014 FY2015 FY2016 FY2017 FY2018 HY2019
Chrome production (H1) Chrome production (H2) Chrome recovery % Specialty
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F INANCIAL REVIEW
Discover Develop Deliver
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HY2019 THEMES
11
INVESTING IN THE FUTURE
CASHFLOW GENERATION
DIVIDEND PAYERCO-PRODUCTION
SUPPORTS HEALTHY MARGINS
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REVENUE
GROUP REVENUE[US$ million]
12
▪ Sales PGMs 12.0% lower from 76.1 koz to 67.0 koz
▪ Sales of metallurgical grade chrome 16.6% lower from 552.7 kt to 461.2 kt
▪ Sales of specialty grade chrome 9.3% lower, from 172.9 kt to 156.8 kt
▪ Third party trading contributed US$14.7 million to revenue
PGM CONCENTRATE SALES[kozpa]
CHROME CONCENTRATE SALES[Mtpa – including third party sales]
REVENUE CONTRIBUTIONEX WORKS BASIS
42% CHROME CIF PRICE
US$163/t ↓ 15.5%(HY2018 : US$193/t)
PGM BASKET PRICE
US$1 017/oz ↑ 11.9%(HY2018: US$909/oz)
12
6.1
12
3.7
86
.0
17
5.1
19
9.2
16
6.5
11
4.6
12
3.1
13
3.6
17
4.3 2
07
.1
0
50
100
150
200
250
300
350
400
450
FY2014 FY2015 FY2016 FY2017 FY2018 HY2019
80
.4 11
9.9
13
2.9
14
3.5
15
2.2
67
.0
1,103
885736 786
9231,017
-500
-300
-100
100
300
500
700
900
1100
0
50
100
150
200
FY2014 FY2015 FY2016 FY2017 FY2018 HY2019
1.2
1.1 1.2 1.3
1.6
0.7
158 158
120
200186
163
-40
10
60
110
160
210
0
0.5
1
1.5
2
FY2014 FY2015 FY2016 FY2017 FY2018 HY2019
PGM price [US$/oz] Average 42% chrome price [US$/t]
Pt19.0%
Pd11.2%
Rh10.9%Ru
1.1%Ir
2.0%
Au0.1%
Cu0.1%
Ni0.2%
Specialty16.1%
Metallurgical32.9%
Third party6.3%
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GROSS PROFIT
GROSS PROFIT[US$ million]
13
▪ Notwithstanding lower PGM and chrome volumes produced and sold gross profit margin of 19.3%
▪ PGM segment gross profit margin 20.0% (HY2018: 28.0%), shared cost allocation 55%
▪ Chrome segment gross profit margin 20.4% (HY2018: 30.1%), shared cost allocation 45%
▪ Agency and trading segment gross profit margin of 9.5% (HY2018: 7.5%)
20
.2
22
.8
21
.1
82
.4
55
.7
32
.1
12
.4
20
.3
33
.4
40
.3
52
.8
13.5%17.5%
24.8%
35.1%
26.7%19.3%
-100.0%
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
-10
10
30
50
70
90
110
130
FY2014 FY2015 FY2016 FY2017 FY2018 HY2019
Gross profit (H1) Gross profit (H2) Gross profit margin
PGMUS$11.6 m
ChromeUS$19.1 m
Agency and TradingUS$1.4 m
CONTRIBUTION TO GROSS PROFIT
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38.2 37.731.9 34.9 37.5 39.1
16.412.7
8.410.6
12.9 12.4
FY2014 FY2015 FY2016 FY2017 FY2018 HY2019
Cash cost excluding logistics Logistics
COSTS
By product basis – Tharisa production HY2019 HY2018
All in sustaining cost per Pt ounce US$/oz 739.1 (216.8)
All in sustaining cost per 42% chrome tonne US$/t 145.8 103.4
Mining costs HY2019 HY2018
Mining cost per cube US$/m3 9.6 7.9
Mining cost per reef tonne US$/t 22.5 20.5
OPERATING COST ANALYSIS –EX WORKS
CONSOLIDATED CASH COST PER TONNE MILLED[US$/t milled]
14
54.650.4
40.345.5
50.4
Mining25.1%
Diesel14.3%
Utilities6.4%Reagents
2.8%
Steelballs3.3%
Labour27.8%
Overheads20.4%
51.5
DIESEL COST
ZAR14.22/l ↑18.1%(HY2018: ZAR12.04/l)
CHROME TRANSPORT COST
US$62.8/t ↑ 3.1%(HY2018: US$60.9/t)
STRIPPING RATIO
7.1 m3:m3
(HY2018: 8.1 m3:m3)
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PROFITABILITY
EBITDA[US$ million]
HEPS AND DIVIDENDS[US$ cent]
15
NET PROFIT AFTER TAX
US$8.2 m (HY2018: US$28.4 m)
NET PROFIT BEFORE TAX
US$10.2 m (HY2018: US$37.2 m)
13
.0 17
.9
14
.7
81
.0
54
.1
30
.1
3.5 11
.1
28
.3
34
.6
47
.8
6.9%
11.8%
19.6%
33.1%
25.1%
18.1%
-50.0%
-30.0%
-10.0%
10.0%
30.0%
50.0%
0
20
40
60
80
100
120
FY2014 FY2015 FY2016 FY2017 FY2018 HY2019
EBITDA (H1) EBITDA (H2) EBITDA margin
-20
2
6
22
19
4
1
5 4
0.5
16% 19% 20% 16%
-40
-35
-30
-25
-20
-15
-10
-5
0
-20
-15
-10
-5
0
5
10
15
20
25
30
FY2014 FY2015 FY2016 FY2017 FY2018 HY2019
HEPS Dividend %NPAT
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CASH FLOWS
NET CASH FLOWS FROM OPERATING ACTIVITIES[US$ million]
16
US$ millions HY2019
Cash flow from operating activities 41.4
Investing cash flows (27.1)
Additions to PPE (24.3)
Financing cash flows (13.5)
Net increase in cash 0.8
Cash at the end of the period 66.8
Free cash flow per share (US$ cents) 6.5
22
.4
41
.4
22
.2
75
.7
89
.8
41
.4
-0.8
6.6
3.8
19 18.9
6.5
-10
-5
0
5
10
15
20
25
0
20
40
60
80
100
120
FY2014 FY2015 FY2016 FY2017 FY2018 HY2019
Net cash flows from operating activities Free cash flow per share [US$ cent/share]
FREE CASH FLOW
US$17.1 m
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Mining SIB85%
Processing SIB2%
Processing optimisation6%
IT and systems4%
Other3%
INVESTMENTS
▪ Capex of US$24.3 million, US$20.7 million spent on mining fleet
▪ H2 budgeted capex spend of US$14.0 million on the mining fleet remains at a higher level than the normal sustaining capex
▪ H2 capex on processing plant including diesel generators to mitigate load shedding risk budgeted at US$15.6 million
17
CAPITAL
FLEET REPLACEMENT
ACCELERATED
* Excluding right of use assets (i.e leases)
ADDITIONS OF US$24.3 m*
DEPRECIATION
US$13.4 m
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ZAR denominated debt57%
US$ denominated debt43%
BALANCE SHEET
18
SHORT TERM DEBT COMPOSITION
INTEREST BEARING DEBT DENOMINATION
US$ millions HY2019Total interest bearing debt 74.7
Long term 28.2 Short term 46.5
Cash and cash equivalents 66.8 Net debt 7.9 Net debt to total equity ratio 2.6%Net current assets 84.4 Return on equity 5.8%
Term facilitiesUS$17.2 m
Equipment loan facilityUS$6.1 m
Finance leasesUS$4.8 m
LoanUS$2.0 m
Trade faciltiesUS$16.4 m
TOTAL DEBT TO TOTAL EQUITY
25.0%
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GROWTH AND OPTIMISATION
Discover Develop Deliver
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KARO PLATINUM PROGRESSING DEVELOPMENT
▪ 142 boreholes completed – 25 300 m drilled
▪ Drilling focused on western edge of the Great Dyke, average depths of 50 m to 150 m below surface targeted
▪ Over 70 core samples prepared for assaying
▪ Digital terrain mapping and high res airborne surveys completed. Quality assurance running concurrently with drilling and adheres to best practice
▪ Approval of the Environmental Prospectus by the Environmental Management Agency ('EMA') of Zimbabwe
▪ Stakeholder consultations concluded, EIA and management programme has been submitted
▪ Development permit awarded by EMA, field work initiated
20
TIER ONE GROWTH OPPORTUNITY
DISCOVER
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SALENE CHROME SAMPLING UNDERWAY
▪ Development permit from EMA awarded Q4 2018, while EIA report is being finalised for submission. Permit has enabled field work and exploration trenching programme
▪ Digital terrain mapping and high res airborne geophysical survey over mining location have been completed
▪ Geophysical data has been interpreted with 11 trenches completed over 4 000 m. Trenches are being rehabilitated; next trenching and pitting targets are being identified
▪ Samples from first trenches prepared and logged, and are being assayed
▪ Second phase of trenching to commence in Q3 FY2019
21
DISCOVER
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VISION 2020
2020A N N U A L I S E D TA R G E T
ROM of 5.6 Mtpa
PGMs of 200 kozpa
Chrome concentrates of 2.0 Mtpa
FY2018A C T U A L
ROM of 4.9 Mtpa
PGMs of 152.2 kozpa
Chrome concentrates of 1.4 Mtpa
FY2019G U I D A N C E
ROM of 5.0 Mtpa
PGMs of 150 kozpa
Chrome concentrates of 1.4 Mtpa
DEVELOP
22
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DELIVERING VISION 2020
23
Improving PGM recoveries at Voyager Plant by upgrading current circuits, installing new capacity
Phase 1 completed Phase 2 commissioning
Q4 FY2019
PGM OPTIMISATION
Fine chrome recovery plant
Proprietary process developed by Arxo Metals
DFS completed FEED study review
VULCAN PLANT
Additional crushing circuit at Genesis Plant to increase plant throughput
Construction completed in FY2019
Full benefits in FY2020
FOURTH STAGE CRUSHING
Opening full mining strike length
Fleet optimisation Cat 6050 Cat 789 Liebherr 9200
Maintain correct multi-reef layer profile
Culture of continuous improvement
Ensure stable feed grades for processing
GRADE IMPROVEMENT AND FLEET OPTIMISATION
DELIVER
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DELIVERING ON OUR STRATEGY
24
Globally significant, diversified low cost operations
Innovative research and development feeding organic growth
Maximise value extraction through process engineering
Marketing, sales and logistics platform
Expansion into multi -commodities
Geographic diversity
Annual dividend policy of minimum 15% NPAT
Capital allocation to low risk projects
LEADING NATURAL RESOURCES GROUP
INNOVATIONOPTIMISATION
INITIATIVES
LEVERAGING EXISTING
PLATFORMSCAPITAL DISCIPLINE
DELIVER
Production guidance of 150 koz of PGM concentrate and 1.4 Mt of chrome concentrates for FY2019
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QUESTIONS
25
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DISCLAIMER
These Presentation Materials are for information purposes only and must not be used or relied upon for the purpose of making any investment decision or engaging in any investment activity. Whilst the information contained herein has been prepared in good faith, neither Tharisa plc (the ‘Company’) and its subsidiaries (together, the ‘Group’) nor any of the Group’s directors, officers, employees, agents or advisers make any representation or warranty in respect of the fairness, accuracy or completeness of the information or opinions contained in this presentation and no responsibility or liability will be accepted in connection with the same. The information contained herein is provided as at the date of this presentation and is subject to updating, completion, revision, verification and further amendment without notice.
These Presentation Materials contain forward-looking statements and information in relation to the Group. By its very nature, such forward-looking statements and information require the Company to make assumptions that may not materialise or that may not be accurate. Such forward-looking information and statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information and statements. Nothing in this presentation should be construed as a profit forecast. Past share performance cannot be relied on as a guide to future performance.
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