BRISBANE, Australia--(business WIRE)--Convergence team, an expert capabilities enterprise focused on offering enterprise Asset administration (EAM) solutions, today announced the a hit go-live of IBM Maximo answer for Glow power Public enterprise confined’s “Glow neighborhood” (SET Ltd: GLOW).
The IBM Maximo upgrade allowed Glow group to consolidate company practices throughout their many exciting vigor plants, entirely integrate the solution with Oracle Financials, as well as design, improve, and preserve an entire budgeting and monitoring solution to pressure typical enterprise efficiency. Such an enormous software changed into no longer handiest extraordinarily challenging from a technical point of view, however it become additionally a huge conducting to control. due to this fact, the challenge changed into split into several phases:
1. excessive-degree requirements gathering and answer mapping
2. Implementation of the international design for the community
three. Implementation of additional necessities specific to enterprise areas
the two-12 months program of labor for part I and II went live in February. part III is currently in a planning stage while minor enhancements are being implemented.
“Convergence group has a valued, constant, and powerful relationship with Glow, and we’re proud to be in partnership together. For more than 5 years, our groups have worked facet-by-aspect to deploy Glow’s EAM roadmap for increase and effectivity,” observed Antoine Giraud, IBM Maximo apply principle at Convergence crew. He persevered, “The dimension, historical past, and complexity of the Glow operations are huge, and we are honored to work with them to achieve the favored effects.”
Michael Reiff, SVP, financial Controller at Glow, pointed out, “IBM Maximo has been an integral part of our company and its operations for a long time. When seeing that this upgrade and improvement challenge, we first analyzed impact to our ongoing enterprise and sought a companion that understood this importance.” He continued, “Convergence group changed into the obvious selection in accordance with their focus on the EAM space, the professionalism of the crew, and our history collectively. In partnership, i'm chuffed to announce an on-funds project whereas at the equal time exceeding our dreams and objectives.”
About Convergence crew
Headquartered in Brisbane, Australia, Convergence group is a leader in enterprise Asset administration (EAM) solutions throughout the realm. through applying new applied sciences and enterprise recommendations with innovation and notable knowledgeable services, Convergence team empowers its consumers to streamline their operations, decrease operating fees, improve asset efficiency, and generate effective business intelligence now and sooner or later. For extra guidance about Convergence crew, call +61 7 3087-3411 or consult with www.convergenceteam.com.
About Glow power
Glow power is a member of the Glow community who is a massive power participant in Thailand. Glow neighborhood combined put in capacity is three,078 MW (Glow’s stake is 2,762 MW) of electrical energy and 1,206 tons per hour of steam. Glow group generates and materials electrical energy to the electricity producing Authority of Thailand (EGAT) under Thailand's SPP (Small energy Producer) and IPP (unbiased energy Producer) programs, in addition to electricity, steam, industrial water and features to giant industrial valued clientele principally located in the Map Ta Phut area and local. GDF SUEZ energy Asia is Glow power’s primary shareholder and is part of the GDF SUEZ group, probably the most biggest foreign industrial and features corporations on the earth. For more tips about GDF SUEZ please discuss with the groups’ web page at www.gdfsuez.com. For greater assistance about the Glow group please consult with www.glow.co.th.
It’s a well-known difficulty to water and wastewater utilities across the country
whereas utilities use subtle systems to supply clean water in addition to assemble and treat wastewater, the effort to manage incidents and outages leaves room for improvement. Water utilities regularly rely on guide tactics to tackle customer stories of leaks, loss-of-service or high-quality considerations. however in lots of situations, the guide method can hamper the hassle to correlate issue stories to certain assets and locations. The influence will also be sluggish response and subpar interplay with consumers and other companies. The solution has emerged from a parallel utility: electricity.
The electric powered utility business makes use of automatic incident and outage administration options that mix asset management with geographic advice gadget (GIS) expertise and customer relationship management to enrich response and reduce fees. The automated programs have produced first rate results, and other utilities have observed.
Water Incident administration in la
The city of la’ department of Water and energy (LADWP) serves more than four million residents with water and electrical energy. The biggest municipal water and vigour utility in the U.S., the LADWP utility services roughly 680,000 water meters. confronted with the challenges of getting old infrastructure and restricted budgets, LADWP sought to increase administration of incidents such as leaks, outages, or high-quality issues in offering water to its purchasers.
For years, LADWP utilized distinctive techniques for water incident management custom-made into their legacy customer counsel equipment (CIS). One equipment handled incidents comparable to outages, power diversifications, or leaks, while a 2d device tracked concerns related to water fine. a third device managed each day deliberate renovation and repair actions being carried out by means of LADWP container crews. To change these capabilities because the CIS was being changed, and to streamline its operations, LADWP desired to discover a industrial, off-the-shelf gadget that would convey incident management for water provider to the same degree of performance supplied to its electrical energy valued clientele.
In 2013, LADWP carried out the Trimble eRespond® Incident administration answer to merge the three previously separate programs and enrich universal incident management and consumer relations. LADWP chosen Trimble eRespond partially since it turned into a proven answer for water and wastewater utilities of equivalent size; it also gave them the capability to leverage LADWP’s latest Esri GIS and tie to their new Oracle client Care and Billing (CC&B) answer for client tips and billing. in addition, the Trimble gadget met LADWP’s requirement to make use of a commercial off-the-shelf product.
apart from the use of client requires incident administration, LADWP now has the capacity to use Trimble eRespond to mix telemetry data from equipment pumps and facilities in the future. This information frequently gives crucial input into the hassle to find and unravel a leak, force concern, or water nice incident. Over time, better asset administration will support LADWP achieve longer asset existence and enhance typical system operations.
Geographic information for Incident administration
Water and wastewater utilities have miles of underground strains and property unfold over large areas. all through incidents or outages, it’s vital to be capable of send crews to the suitable location. through connecting its asset database to Esri ArcGIS server, Trimble eRespond permits response managers to visualize the region and impact of incidents. The utility additionally makes use of Esri applications to assist asset management and planning activities. by way of augmenting schematic depictions of distribution or assortment networks with maps and aerial imagery, the gadget gives counsel and suppleness for both container and office operations.
all through an incident, crews can use the GIS to map the severity and extents of any spills to assist in notification, repairs, and mitigation work. The spatial records also help to satisfy requirements for reporting water or wastewater incidents to regulatory organizations.
besides its geospatial capabilities, the Trimble answer facilitates premier-in-class incident management through tight interplay with main commercial enterprise and asset management programs. The equipment has acquired certification by using SAP and may function with the Oracle CC&B system. It’s also safe certified (solution utility Framework for power and Utilities) to be used with IBM Maximo application. In its 2013 MarketScope document, the Gartner group cited the eRespond system’s interesting knowledge to coordinate with public emergency agencies and to scale to assist water and wastewater utilities of all sizes, small and big.
From facts to counsel
In live performance with IBM, because the system integrator and SAP implementation partner, Trimble eRespond was built-in with the SAP CRM, SAP ECC, and SAP BI modules using usual interfaces.
The interfaces used a mix of integration know-how, together with soap-primarily based internet capabilities, Trimble eRespond’s typical JMS adapter, and direct database connections.
United Utilities decided to create an entire model of their networks in eRespond using the tools within eRespond available for designing and managing a community mannequin. Some utilities link eRespond to whichever equipment is grasp of their “as designed” community mannequin statistics for this tips.
The initial network mannequin become created inside a period of 4 weeks.
graphic credit: "la in an excellent mild," Ron Reiring © 2008, used under an Attribution 2.0 time-honored license: https://creativecommons.org/licenses/via/2.0/
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Posted: Fri eight:31 PM, Dec 12, 2008 |
updated: Fri three:17 PM, Dec 19, 2008
The physique of Judith Bass was discovered late Thursday afternoon in a Tallahassee parking zone.
in line with the Leon County Sheriff's office, a day laborer spotted a woman asleep in her car in the Lowe's car parking zone on Capital Circle Northwest Thursday morning. He realized something changed into wrong when he returned from work on the conclusion of the day and she become nonetheless there.
LCSO Spokesman SGT Chris Chase says there are no signs of foul play. An post-mortem changed into carried out this morning, and they're still looking ahead to outcomes, he stated. Deputies estimate Bass was useless for as a minimum 24 to 36 hours earlier than she was discovered.
Tallahassee Police put out a lacking humans bulletin for Bass again on December 12. She became found in a black Honda CRV with Mississippi tags.
---------------------------------------Tallahassee police are looking for a lacking endangered adult. 34 year ancient Judith Bass is half-Asian and half-Indian. She has tattoos on her face. She is 5' and a hundred lbs. they say she can be driving a black Honda CRV with Mississippi plates with tag quantity LFA 000 924.
Police say Bass has fitness concerns and wishes medication. No foul play is anticipated, but they do say that she may well be aspiring to hurt herself so if seen, residents are suggested to contact Tallahassee Police at (850) 891-4200.
SANTIAGO, Chile--(enterprise WIRE)--Orosur Mining Inc. (“Orosur” or the “enterprise”) (TSX/aim:OMI), a South American-concentrated gold producer, developer and explorer is completely satisfied to announce the effects for the fiscal 2016’s 2nd quarter ended November 30, 2015 (“Q2 FY16” or the “Quarter”).
As previously introduced, throughout the Quarter the company carried out a strategic plan to cut back fees in line with the gold cost atmosphere put up July 2015. despite Q2 FY16 being a transition quarter, money operating expenses and all-in sustaining prices (“AISC”) for the quarter demonstrate a significant development from last year and over Q1 FY16. The business expects that the benefits of the progamme are yet to be completely realized, and will be more stated in Q3 and q4 FY16.
Ignacio Salazar, CEO of Orosur, pointed out:
“during the Quarter, we carried out a few substantive inside alterations intended to position the business as a greater resilient producer in this present low gold cost atmosphere. we're glad to look the initial mark downs in cash working fees and in AISC already being validated as we stay on the right track to reducing AISC to under US$1,000/oz.for the the rest of the yr. These efforts have been followed by the resolution of the government of Uruguay to provide a one-12 months royalty exemption and the choice of the administrators and the senior executives to cut back their money remuneration and the reorganization and streamlining of the management group as already introduced. we now have been working in lots of fronts and are encouraged with the easy growth done from these drastic measures.”
extra growth become made because the company commenced drilling to check a down-plunge extension/ repetition of the Arenal mineralized structure and have de-watered the San Gregorio pit, which is now organized to start initial surface mining and construction for the undergound venture at San Gregorio.
In Chile, drilling at Anillo throughout the quarter confirmed overlapping low and high sulphidation epithermal programs. At current, geochemical evaluation underway is intended to help within the instruction of geological models for every equipment, to ensure that the enterprise and Asset Chile to examine the subsequent section of the exploration program all over Q3. The enterprise decided no longer to proceed to develop the Pantanillo venture, given a few technical difficulties and the stage of minimum develop royalties required.
Orosur has a fantastic portfolio of exploration property and, in the existing atmosphere, our priorities are to strengthen our tasks with near time period returns in Uruguay, those of better quality in Colombia and people that are already financed akin to Anillo.”Operational & economic Summary1 Q2 FY16 Q2 FY15 Diff Q1 FY16 Diff working results Gold produced oz 8,172 12,854 (4,682) 12,471 (4,299) operating cash cost3 US$/oz 858 984 (126) 954 (ninety six) AISC US$/oz 1,095 1,258 (163) 1,166 (seventy one) ordinary price acquired US$/oz 1,one hundred 1,212 (112) 1,147 (forty seven) fiscal consequences earnings US$ ‘000 10,a hundred ninety 17,404 (7,214) 14,465 (four,275) Gross profit/(loss) US$ ‘000 forty (1,521) 1,561 (550) 590 net loss after tax US$ ‘000 (870) (1,244) 374 (1,726) 856 money flow from operations2 US$ ‘000 924 818 106 173 751 money & Debt at the conclusion of the duration – abstract November 30, 2015 may additionally 31, 2015 Diff August 31, 2015 Diff cash steadiness US$ ‘000 2,633 four,787 (2,154) four,622 (1,989) total debt US$ ‘000 770 1,481 (711) 1,126 (356) cash net of debt US$ ´000 1,863 three,306 (1,443) 3,496 (1,633)
1Results are in keeping with IFRS and expressed in US dollars2Before working capital movements3Operating cash cost is total charge discounting royalties and capital tax on production assets.
Q2 FY16 financial abstract
Gross income in the Quarter became US$0.04 million in comparison to a lack of US$1.5 million for Q2 FY15 and a loss of US$0.6 million for Q1 FY16. reduce income changed into offset by decrease cost of income due to the implementation of the strategic charge reduction plan during the quarter.
cash circulate from operations earlier than working capital changed into US$0.9 million compared to US$0.eight million for Q2 FY15. web loss after tax became US$0.9 million in comparison to US$1.2 million in Q2 FY15.
The company invested US$0.9 million in capital expenditures and US$0.7 million in exploration fees compared to US$2.3 million and US$1.1 million respectively in Q2 FY15.
The cash steadiness at the end of the Quarter became US$2.6 million compared to US$4.6 million at August 31, 2015 and US$four.8 million at may also 31, 2015. The business’s debt balance became US$0.eight million in comparison to US$1.1 million at August 31, 2015 and US$1.5 million at can also 31, 2015. The business has US$3.0 million of committed however undrawn lines of credit obtainable at November 30, 2015 and as of the date hereof.
construction and Exploration
Uruguay development projects
The San Gregorio Deeps underground mine mission endured to boost through permitting. A Preliminary enable became issued by means of the environmental authority in Q1 FY16 and the Mining let is at present in system with the mining authority. The main pit of San Gregorio has been de-watered right through the final three months and is now competent for about 1,500 ounces to be mined from the pit. Some preliminary development work is expected to start presently to join the leading ramp of open pit mine with the designed portal for San Gregorio Deeps. in line with restricted sampling, a element of the material in this part includes grades between 2 and 5 g/t (Au), blended with waste material.
a short infill RC drilling campaign of 500 m is underway from the main ramp of the open pit mine with the intention of additional defining supplies at degree 17 of the San Gregorio Deeps challenge. This work additionally gives the enterprise the probability to doubtlessly boost mining of a chamber (before developing the ramp from degree 32) as well as gaining geological and geotechnical guidance to optimize the mining design.
At Arenal Deeps, the enterprise is checking out a down-plunge extension/ repetition of the Arenal mineralized structure. by means of history, the Arenal Deeps deposit become originally mined as an open pit, progressing to underground mining extra recently. These kinds of deposits are structurally managed and tend to pinch and swell. A 90 m tunnel has been accomplished to access and make room for extra charge productive drilling with the aim of trying out for a brand new structure within a distance of 300m from the existing underground workings. throughout December 2015 a 1,100m drilling campaign commenced and is expected to proceed via April 2016.
Uruguay Brownfields exploration
feasible extensions of regular mineralization had been identified in a few areas including adjoining to the open pits at Veta Rey, Laureles and Zapucay mines in addition to at Rieles which represents the east extension of the San Gregorio leading Pit extending to the East Extension Pit.
The enterprise is at present focusing its brownfield exploration effort for the the rest of the 12 months in Veta Rey and in the Sobresaliente area. within the Sobresaliente enviornment, the main center of attention will be on advancing prevalent goal zones using NSAMT (natural supply Audio-frequency Magnetotelluric Imaging) geophysics methods and establishing a program of approximately 5,000 meters of Pantera drilling.
At Anillo, a crusade of 13 RC holes totaling 3,600 m of drilling was completed on time and on budget on December 9, 2015. Drilling validated geologic, geophysical and geochemical indicators of Au-Ag epithermal mineralization at the central-north, northeast, south and west sectors of the challenge.
checking out of all drilling intercepts is at the moment underway to validate assay effects and procure extra suggestions on pathfinder geochemical behavior. The effects thus far show a non-obvious combo of low and excessive sulphidation epithermal, idea to be as a result of as a minimum four diverse magmatic routine diagnosed by means of geoscientists in the location. further geochemistry is expected to help within the education a geological model that interprets the stages of publicity of the dominant mineralization techniques in area.
a meeting of the Technical Committee of Anillo SPA (along side Asset Chile) is deliberate for February 2016 to evaluate the results and assess the subsequent phase of the exploration crusade.
The PEA outcomes of Pantanillo (posted June 1, 2012) reached an NPV of US$forty nine.7M at a gold expense of US$1,250/oz. At fees under US$1,095/oz, the project has a bad NPV. subsequently, and as already introduced on August twentieth, 2015, the business wrote off US$25.5M for exploration residences within the quarter ended may also 31, 2015. due to this fact, the company decided not to meet the payment of advanced royalties totaling US$1.6 million due to Anglo American on December 1st 2015, which triggers a system for the homes to be lower back to Anglo American. This manner will take region over the arrival months and it'll no longer have any further hostile effect on the balance sheet of the enterprise.
As a part of the business’s cost reduction plan, a portion of the Anzá exploration camp has been rented unless August 2016 to an incredible mining enterprise exploring a neighboring district.
qualified adult's statement
The technical suggestions related to the latest property of Orosur Mining during this presentation has been reviewed via Michael Schwabe, an Exploration advisor who's considered to be a qualified grownup under NI forty three-a hundred and one reporting instructions. Mr. Schwabe is a graduate in Science, majoring in Geology from the college of Tasmania and is Fellow of the Australian Institute of Mining and Metallurgy, a Senior Fellow of the Society of economic Geologists and a professional Member of the Society for Mining, Metallurgy and Exploration. Mr. Schwabe has forty seven years of expert experience within the box of mineral exploration, mine development and administration.
ahead looking Statements
All statements, apart from statements of historical reality, contained or included by using reference during this information free up, together with any suggestions as to the future financial or operating efficiency of the business, constitute "ahead-looking statements" inside the which means of definite securities legal guidelines, together with the "secure harbour" provisions of the Securities Act (Ontario) and the us inner most Securities Litigation Reform Act of 1995 and are in keeping with expectations estimates and projections as of the date of this information free up. There can be no assurance that such statements will prove to be accurate. Such statements are subject to big risks and uncertainties, and actual outcomes and future pursuits may range materially from those expected in such statements. ahead-looking statements consist of, with out dilemma success of exploration actions; allowing time traces; the failure of plant; gadget or processes to function as expected; accidents; labour disputes; requirements for additional capital title disputes or claims and barriers on insurance coverage. The business disclaims any intention or responsibility to replace or revise any forward searching statements even if because of new guidance, future hobbies and such forward-searching statements, except to the extent required by means of relevant law.
About Orosur Mining Inc.
Orosur Mining Inc. is a totally built-in gold producer, developer and exploration company concentrated on opting for and advancing gold tasks in South the united states. The company operates the handiest producing gold mine in Uruguay (San Gregorio), and has assembled an exploration portfolio of excessive excellent property in Uruguay, Chile and Colombia. The enterprise is quoted in Canada (TSX:OMI) and London (intention:OMI).
For greater counsel please talk over with www.orosur.ca.
Orosur Mining Inc.
Condensed period in-between Consolidated Statements of economic place
hundreds of u.s. dollars, apart from where indicatedAs at November 30,
2015 ($)As at can also 31,
2015 ($)assets cash 2,633 four,787 bills receivable and different belongings 1,370 1,775 Inventories 12,421 14,363 complete current assets 16,424 20,925 bills receivable and different assets 414 414 Property, plant and gadget and development costs 14,607 sixteen,662 Exploration and assessment expenses 17,216 17,126 Deferred salary tax property 551 551 constrained cash 227 239 complete non-existing belongings 33,015 34,992 total belongings 49,439 fifty five,917 Liabilities and Shareholders’ fairness change payables and other amassed liabilities 11,592 13,832 latest component of lengthy-term debt 545 1,129 Environmental rehabilitation provision 112 112 complete latest liabilities 12,249 15,073 long-time period debt 225 352 Environmental rehabilitation provision 6,470 6,606 total non-present liabilities 6,695 6,958 complete liabilities 18,944 22,031 Capital stock 60,544 60,544 Warrants 62 sixty two Contributed surplus 5,836 5,824 Deficit (34,883) (32,287) foreign money translation reserve (1,064) (257) total shareholders’ equity 30,495 33,886 total liabilities and shareholders’ equity 49,439 fifty five,917
Orosur Mining Inc.
Condensed period in-between Consolidated Statements of Loss and finished Loss
heaps of united states greenbacks, other than loss per share quantities
Three months ended
Six months ended
November 30,2015 ($) 2014 ($) 2015 ($) 2014 ($) revenue 10,a hundred ninety 17,404 24,655 33,930 charge of income (10,one hundred fifty) (18,925) (25,165) (35,399) Gross profit/(loss) forty (1,521) (510) (1,469) company and administrative charges (559) (993) (1,190) (1,875) Restructuring fees (580) - (1,694) - Exploration prices and exploration written off 7 (four) (11) (33) other revenue 191 200 745 388 net finance charge (seventy six) (56) (137) (149) net foreign alternate benefit/(loss) 104 (29) 182 25 (913) (882) (2,a hundred and five) (1,644) Loss earlier than revenue tax (873) (2,403) (2,615) (three,113) healing for income taxes 3 1,159 19 589 complete loss for the period (870) (1,244) (2,596) (2,524) other finished loss overseas exchange transformations on translating foreign operations (ninety four) (466) (807) (520) total complete loss for the period (964) (1,710) (3,403) (3,044) Loss per standard share primary and fully diluted (0.01) (0.01) (0.03) (0.03)
Orosur Mining Inc.
Condensed period in-between Consolidated Statements of money Flows
heaps of u.s. greenbacks, except where indicated
Six months ended
November 30,2015 ($) 2014 ($)
net inflow/(outflow) of cash regarding here actions
money circulate from working actionsinternet loss for the period (2,596) (2,524) alterations to reconcile net revenue to internet cash provided from working activities: Depreciation three,628 7,682 Exploration and contrast expenses eleven 30 Accretion of asset retirement duty 39 38 Deferred income tax property - (593) stock based compensation 12 74 benefit on sale of property, plant and gadget (15) (156) different 20 (one hundred ninety) Subtotal 1,099 four,361 changes in working belongings and liabilities money owed receivable and other assets 507 566 Inventories 2,002 (716) trade payables and other gathered liabilities (2,240) 650 net cash generated from working activities 1,368 4,861 cash stream from financing actions mortgage funds (711) (2,508) Proceeds on sale of typical shares of Anillo SPA (710) - internet cash utilized in financing activities (1) (2,508) money circulate from investing actions purchase of property, plant and device and development expenses (1,758) (four,506) Environmental projects (a hundred seventy five) (419) Proceeds from the sale of fixed property 33 767 Exploration and assessment expenditure belongings (1,621) (2,198) net money utilized in investing activities (three,521) (6,356)
decrease in money
(four,003)money originally of period four,787 10,818 cash on the conclusion of duration 2,633 6,815
Orosur Mining Inc.
Condensed interim Consolidated Statements of alterations in Shareholders’ equity
thousands of united states bucks, except the place indicatedSix months ended
Capital inventorysteadiness at beginning of period 60,544 fifty five,184 Issued for Waymar acquisition - 5,360 stability at end of period 60,544 60,544 broking service Warrants stability at beginning of period sixty two - Issued for Waymar acquisition - 62 balance at conclusion of length 62 sixty two
Contributed surplusbalance at beginning of duration 5,824 5,708 stock based mostly compensation diagnosed 12 74 inventory alternate options issued for Waymar acquisition - ninety four balance at conclusion of duration 5,836 5,876
(Deficit) Retained revenuestability at starting of length (32,287) 22,088 internet loss for the length (2,596) (2,524) stability at end of duration (34,883) 19,564 foreign money translation reserve (1,064) (520) Shareholders’ equity at end of duration 30,495 85,526
integrated within the Republic of Cyprus with restrained liability
Registration number: HE223412
JSE share code: THA
LSE share code: THS
CONSOLIDATED ANNUAL effects
ROM MINED UP 3.9% 5.0 Mt
(2016: 4.8 Mt)
UP eight.three% (5PGE + Au) 143.6 koz
(2016: 132.6 koz)
CHROME concentrate construction
UP 7.0% 1.three Mt
(2016: 1.2 Mt)
UP 59.1% US$349.4m
UP 198.four% US$95.9m
UP 168.7% US$115.6m
income earlier than TAX
UP 314.2% US$91.0m
HEADLINE profits PER SHARE
UP 266.7% US$ 22 cents
(2016: US$ 6 cents)
PROPOSED DIVIDEND OF
US$ 5 CENT PER SHARE
(2016: US$ 1 cents)
financial year ended 30 September 2017
government Chairman Loucas Pouroulis, Chief executive Officer Phoevos Pouroulis and Chief Finance Officer
In compiling this file we've been guided with the aid of materiality in order that we record concisely on these considerations most
cloth to our stakeholders and our ongoing capability to create cost. extra targeted assistance is purchasable on
our web page, www.tharisa.com.
FY2017 changed into a year of checklist production and profitability however the muted PGM basket expense and
volatility of spot chrome concentrate fees. It changed into additionally a yr of leveraging the business model with third birthday celebration
company and buying and selling actions.
Tharisa Minerals Proprietary restrained ("Tharisa Minerals") mined 5.0 Mt of ore right through the year, exceeding the
required mining call fee for the nameplate skill of our processing vegetation. This resulted in PGM creation
of 143.6 koz of contained PGMs and construction of 1.three Mt of chrome concentrates. Of the chrome concentrates,
323.1 kt comprised high price strong point grade items.
PGM expenses remained muted all the way through the 12 months showing a marginal enhance of US$50 per PGM basket ounce
despite the rally within the palladium fee, which has recently surpassed and maintained levels above the existing
platinum rate. Tharisa witnessed background within the first half of FY2017 with checklist expenses for metallurgical chrome
concentrates being carried out at approximately US$390/t. There become youngsters confined liquidity and an
underestimated international provide facet response which displaced a big element of South Africa's market share. expenses
subsequently declined to stages as low as US$a hundred thirty/t principally on the back of accrued inventory degrees. submit the
half-12 months Tharisa saw a recovery within the spot metallurgical grade chrome prices delivered to China due to
elevated demand for stainless-steel and excess inventories being absorbed in the general route. The commonplace
metallurgical chrome contract cost executed changed into US$200/t CIF China for FY2017.
operating income for the year amounted to US$ninety five.9 million (2016: US$32.1 million), with a internet earnings after tax of
US$67.7 million (US$15.eight million) producing HEPS of US$ 22 cents (US$ 6 cents).
in the year under assessment, Tharisa initiated the transition to proprietor mining. towards the latter part of the 12 months,
the company turned into additional elevated to include third birthday celebration plant operation and sales thereby enhancing profitably
through additional economies of scale.
it is the group's policy to pay not less than 10% of its consolidated net profit after tax as a dividend, and the
administrators are happy to announce that in accordance with the more suitable income, discipline to the imperative shareholder
approvals, the Board has proposed a dividend to shareholders of US$ 5 cents per share (2016: capital distribution
of US$ 1 cent) equating to 19.2% of its consolidated internet income after tax.
in addition, Tharisa is glad to notify its shareholders that the dividend policy for FY2018 could be modified to
deliver for a payout of at the least 15% of consolidated internet income after tax, an increase from the old pointed out
dividend policy of at the least 10% of consolidated net income after tax. The enterprise also intends to introduce the
fee of an meantime dividend.
The company's dividend policy takes into consideration a number of components, together with normal market and financial
situations, the group's monetary position, capital investment plans in addition to revenue growth.
protection continues to be a priority at Tharisa which achieved a fatality free 12 months and, at 30 September 2017, our LTIFR per
200 000 hours labored at the mine turned into 0.07.
Tharisa is glad to recommend that no safety related stoppages have been incurred within the yr highlighting our emphasis
on protection in addition to our stronger relationship with the DMR inspectorate.
The group continues to strive for a zero harm work ambiance and in accordance with the DMR's drive to minimise all
injuries within the South African mining trade, the neighborhood continues to be committed to ensuring a safer place of work.
To that conclusion it's pleasing to report that Tharisa Minerals became awarded three safety awards in 2017. These consist of
the best safety efficiency and top of the line improved performance awards at Mine protected 2017, and an award from the
Mine health and defense Council's for two 000 fatality free construction shifts.
a number of milestones were carried out throughout the monetary yr together with:
- 5.0 Mt reef mined, an increase of 3.9%
- four.9 Mt milled, a rise of 5.6%
- 143.6 koz 5PGE+Au contained PGM construction, up by eight.3%
- seventy nine.7% ordinary PGM recuperation, an increase of 14.0%
- 1.three Mt construction of chrome concentrates, up through 7.0%
- 64.1% chrome recovery, an increase of 2.2%
- 323.1 kt strong point grade chrome construction, a rise of 19.9%
Reef mined surpassed the volumes required to meet production aims in FY2017. Mining concentrated on extracting
the most appropriate reef horizon mix for feed into the flora with certain attention on the feed grades. additionally,
overburden uncovered through the planned pit extension following the road diversion changed into mined. it's planned that the
stripping ratio will normalise to above the LOM stripping ratio of 9.6 m three:m3 in FY2018 from the 7.5 m3:m3
performed in the current 12 months.
a total of 5.0 Mt of reef was mined guaranteeing a continuing feed of cloth into the flowers whereas expanding the run
of mine (ROM) ore stockpile forward of the plants to 307.7 kt thereby further derisking the operations. The
intention is to enhance the ROM ore stockpile to at the least one month of plant throughput (four hundred kt). all over the
fiscal yr Tharisa Minerals received a drilling sub-contractor's enterprise to start in sourcing the drilling
operations and, as an owner operator, center of attention on improving ROM grades and fragmentation.
Subsequent to the fiscal year conclusion, Tharisa Minerals got the mining fleet from its mining contractor and
successfully transitioned from a contractor mining mannequin to an proprietor mining mannequin.
Plant throughput at 4.9 Mt, exceeded nameplate potential for the primary time and is attributable to constant feed
and preventative maintenance resulting in more advantageous plant availability and utilisation. A excessive power PGM
flotation circuit turned into integrated into the Genesis Plant to further increase recoveries. The circuit became
commissioned in August 2017 and adopted the a hit integration of a high power PGM flotation circuit at
the Voyager Plant.
With a PGM rougher feed grade of 1.56 g/t and recoveries improving to 79.7% (target of eighty%), PGM creation
(5E + Au) at 143.6 koz more suitable 8.3%. Chrome feed grade become 17.eight% and with chrome recoveries improving to
64.1% (goal 65%), chrome focus production extended by way of 7.0% to 1.3 Mt. The production of area of expertise
grade chrome concentrates of 323.1 kt expanded 19.9% and constitutes approximately 24.3% of complete chrome
concentrate creation. forte grade chrome concentrates proceed to command on normal a US$50/t
top rate on a CIF China equivalent basis over common metallurgical grade chrome concentrates.
Arxo Metals Proprietary confined ("Arxo Metals") entered into an working, revenue and advertising and marketing agreement with
Western Platinum restrained, a subsidiary of Lonmin plc ("Lonmin"), to function their K3 UG2 chrome concentrator
plant. The handover date become 28 August 2017 and right through the short time under the neighborhood's manage 20 kt of
chrome concentrate was produced.
Commodity markets and income
PGM basket cost
PGM basket price
42% metallurgical grade chrome focus
a hundred and twenty
42% metallurgical grade chrome focus
trade cost (regular)
Tharisa Minerals continues to provide the majority of its PGM concentrate to Impala Platinum in terms of its off-
take agreement with the stability of the PGM concentrates to be processed in the 1MW analysis and
building furnace that become currently commissioned by means of Arxo Metals and then offered to Lonmin.
a complete of 143.5 koz of contained PGMs (on a 5PGE + Au basis) changed into bought all over the yr. here's a rise of
8.3% over the outdated year's sales of 132.9 koz of contained PGMs (on a 5PGE + Au basis).
The PGM prill break up by using mass is as follows:
Tharisa Minerals is paid a variable percentage of the market value of the contained PGMs in terms of an agreed
method. The PGM basket expense improved with the common PGM basket rate per ounce increasing by using 6.eight% to
US$786/oz (2016: US$736/oz) for the economic year.
Chrome concentrate earnings totalled 1.3 Mt, 321.5 kt of which changed into greater value-add forte chemical and foundry
grade chrome concentrates with the majority of the revenue being metallurgical grade chrome focus. The average
rate for metallurgical grade chrome pay attention to a CIF main ports China foundation improved to US$200/t.
Chemical and foundry grade chrome concentrates produced by using Tharisa Minerals and Arxo Metals are bought to
Rand York Minerals in terms of an off-take agreement which offers for a joint advertising association of
ordinary transport can charge per tonne of
chrome focus - CIF China groundwork
Chrome concentrates shipped
The chrome concentrates destined for main ports China were shipped both in bulk from the Richards Bay Dry
Bulk Terminal or by the use of containers and transported from Johannesburg by highway to Durban from where it was
shipped. The economies of scale and in-apartment competencies have ensured that our transport expenses, an immense cost of
the group, continue to be aggressive.
Arxo Logistics has satisfactory storage ability at both the Richards Bay Dry Bulk Terminal and the Durban container
port to manage Tharisa Minerals' full creation capacity.
a complete of 995.8 kt (2016: 923.1 kt) of chrome concentrates was shipped by using Arxo Logistics in FY2017 more often than not to
main ports in China. Of this, 98% turned into shipped in bulk, with bulk shipments being favourite via shoppers due to
ease of managing and decreased port prices, in addition to decreased levels of administration.
Arxo Logistics offered third-celebration logistics functions throughout the duration beneath evaluation and is planning to expand
this carrier offering within the 12 months ahead.
Negotiations involving a deliberate public-inner most partnership for an on-web page railway siding at the Tharisa Mine are
carrying on with and last business terms are nonetheless to be agreed. this may no longer simplest enhance efficiencies and charges, but
will also improve protection and alleviate environmental affects with the aid of reducing road freight haulage.
LABOUR family members
Labour members of the family at the Tharisa Mine remained strong throughout the 12 months. Tharisa's personnel have historically
been represented through the NUM with 56% of the personnel in the bargaining unit represented by them. put up the
yr conclusion, about 900 personnel had been transferred from the mine's former contractor, bringing Tharisa
Minerals' complete body of workers complement to approximately 1 seven-hundred.
Sustainability is on the coronary heart of the enterprise mannequin. The business is pleased with its tune record in minimising the
environmental impact and, while striving to enhance extra, takes pride in the mature and mutually really useful
relationships with the communities that border the Tharisa Mine.
The Tharisa Mine no longer best is aware its tasks to create social capital as enshrined in the MPRDA, but
strives to obtain these tasks in ways that create ongoing sustainable social capital. Its commitment to the
neighbouring communities is evidenced in all points of the enterprise, now not simplest from the corporate social
initiatives and native economic development plans but additionally underpinned via equity ownership by means of the group
in Tharisa Minerals.
Tharisa has policies in region to ensure that neither it nor its suppliers take part in any kind of human rights
violation, together with human trafficking and modern slavery.
Tharisa acts ethically and with integrity in all enterprise dealings and is dedicated to making certain programs and controls
are in area to shelter in opposition t corruption.
Tharisa's sustainability framework
- EIAs, EMP and compliance experiences
- Environmental measures
- Gender equality (women symbolize 18%
of body of workers)
- health and security guidelines and training
- trade union awareness
- neighborhood possession in mine
- neighborhood forums
- coverage on the human rights trafficking
and up to date slavery
- Monitoring of suppliers
- policy on bribery and corruption
- Ethics hotline
The monetary effects of the community had been characterised through two key economic developments, the first being the volatility in
the metallurgical grade chrome concentrate market with a typical rate per tonne of US$200 being carried out
(on a CIF main ports China foundation) being a 66.7% boost compared to the prior length and secondly the
strengthening of the ZAR via 9.5% impacting on the can charge base of the group which, apart from for freight expenses, is
largely ZAR denominated.
group revenue totalled US$349.four million (2016: US$219.6 million), a rise of fifty nine.1% relative to the prior
yr. The raise in salary is especially as a result of the chrome segment with the metallurgical grade chrome
concentrate price increasing by using sixty six.7% from a typical of US$a hundred and twenty/t to US$200/t, with the speciality grade
chrome concentrates continuing to change at a top class of at least US$50/t on a CIF China equivalent foundation.
On a segmental basis the boost in salary is on account of:
- an increase within the unit earnings of PGMs by using 7.four% from 132.9 koz to 143.5 koz with an increase in the PGM
basket rate with the aid of 6.eight% from US$736/ozto US$786/ounces04a7d3d609129a9296bf7ac0608c2097)
- an increase in the unit income of metallurgical grade chrome concentrates via 7.9% from 923.1 kt to 995.8 kt
with a rise in the metallurgical grade chrome concentrate rate of sixty six.7%
- a rise within the unit revenue of speciality grade chrome concentrates (24.3% of creation) with the aid of 17.9% from
272.7 kt to 321.5 kt
- the introduction of third birthday party trading and logistics organizations building on the current structures which
contributed US$5.7 million to revenue
Gross income amounted to US$122.7 million (2016: US$fifty four.5 million) with a gross income margin of 35.1% (2016: 24.8%).
The segmental contribution to profits and gross make the most of the respective segments is summarised beneath:
30 September 2017
30 September 2016
can charge of earnings
one hundred sixty five.1
charge of sales
Gross income margin
1 317.three kt
1 196.2 kt
Shared expenses of creation are according to profits contribution on an FCA basis, allotted 35% to the PGM
segment and 65% to the chrome section. The related duration allocation become on an equal groundwork.
The PGM segment gross margin of 39.eight% (2016: 29.7%) turned into larger than the outdated 12 months, mainly as a result of the
revised foundation of allocating shared expenses. The gross margin additionally more advantageous with a reduction in the average unit charge
of revenue with expanded contraptions offered following enhanced recoveries being finished.
The chrome phase gross margin of 34.1% (2016: 21.9%) become higher than the yr before generally due to the
improved chrome focus price notwithstanding the elevated cost of sales in keeping with the multiplied
allocation of the shared creation costs. Freight fees for bulk shipments of chrome concentrates, a big
element of the cost of chrome income, multiplied by using 40.0% from US$10/t to US$14/t, coupled with a 9.5%
strengthening of the ZAR against the us$, resulted within the regular transport can charge per chrome tonne expanding
from US$42 to US$52.
On a unit charge foundation, the mining cost per reef tonne mined extended by way of eleven.9% from US$sixteen.8/t to US$18.8/t. This
cost per reef tonne turned into incurred on a stripping ratio of seven.5 (m³ waste : m³ reef). On a per cube mined foundation i.e.
including both waste and reef, the cost improved by 16.5% from US$6.72/m³ to US$7.eighty three/m³ (the prior 12 months
stripping ratio turned into 7.3).
An above inflation enhance was agreed with MCC Contracts Proprietary limited ("MCC") for the mining
contractor work because of old under recoveries in response to the mine plan. moreover, there became an appreciation
in the ZAR of approximately 9.5%. all the way through the transition to the proprietor mining model, extra expenses have been also
incurred in anticipation of the transition reminiscent of employment of further technical management and sourcing
of supplementary mining machine.
The consolidated cash can charge per tonne milled (i.e. including mining however with the exception of transport and freight) extended
by 9.4% from US$31.9/t to US$34.9/t.
After accounting for administrative fees of US$26.9 million (an increase of 18.1% over the comparable
length), the community finished an working profit of US$ninety five.9 million.
EBITDA amounted to US$one hundred fifteen.6 million (2016: US$forty three.0 million).
Finance prices (totalling US$7.7 million) basically relate to the steadiness owing on the senior debt facility due by
Tharisa Minerals for the construction of the Voyager Plant and the change finance facilities of Arxo materials on
the discounting of the letters of credit score on chrome focus contracted earnings as smartly as the limited recourse
discounting of the PGM receivables.
With the strong performance within the commodity markets right through the financial year, the community recorded a
significant growth in profitability, producing a income earlier than tax of US$ninety one.0 million compared to the
comparable length of US$22.0 million.
The tax charge amounted to US$23.three million, a superb can charge of 25.6%.
overseas foreign money translation variations for foreign operations, coming up where the company has funded the
underlying subsidiaries with US$ denominated funding and the reporting forex of the underlying subsidiary
isn't in US$ was nominal, towards the prior year's profit of US$4.2 million.
fundamental and diluted profit per share for the yr amounted to US$ 22 cents (2016: US$ 5 cents) with headline
salary per share of US$ 22 cents (2016: US$ 6 cents).
As accredited by way of shareholders on the annual prevalent assembly and following the obtaining of the requisite court docket
approvals, the enterprise decreased its share top class account within the volume of US$179.2 million and applied the
discount within the first illustration to the income reserves of the business and within the 2nd illustration with the aid of returning
to shareholders, in money, an amount of US$2.6 million (US$ 1 cent per share).
the total debt amounted to US$54.2 million, leading to a debt to total equity ratio of 19.9%. Offsetting the debt
carrier reserve account amount of US$4.5 million, resulted in a debt to equity ratio of 18.2%. The lengthy-term
focused debt to fairness ratio is 15%. Tharisa had money and cash equal of US$49.7 million at year end ensuing
in a nominal web debt to total equity ratio.
With impact from 1 October 2017, Tharisa Minerals bought certain mining device from MCC Contracts
and acquired additional mining gadget to supplement the fleet. The money consideration paid for this fleet
amounted to ZAR279 million (US$20.6 million) and turned into debt funded via a bridge mortgage facility, customary
equipment brand finance and asset backed finance. If the purchases had taken region on 30 September
2017, the seasoned forma complete debt, offsetting the debt service reserve account, would have amounted to
US$70.2 million with a professional forma debt to total fairness ratio of 25.eight%.
The current capex spend concentrated on reside in enterprise capex, mining fleet additions throughout the transition section
and ongoing projects aimed at enhancing recoveries of both PGMs and chrome concentrates. Additions to
property, plant and gadget for the year amounted to US$26.four million of which US$7.1 million related to
additions to the mining fleet. The depreciation cost amounted to US$sixteen.9 million (2016: US$10.3 million).
The neighborhood generated web cash from operations of US$73.2 million (2016: US$22.2 million). money on hand
amounted to US$forty nine.7 million. additionally, the neighborhood held US$four.5 million in a debt provider reserve account.
The PGM basket expense in US$ has more suitable on the back of the rally in spot palladium and rhodium expenses and
with the recovery in chrome concentrate expenditures, underpinned by using demand, the group's margins remain powerful.
The free money circulate for FY2018 and EBITDA margins should still develop considerably supported by using solid operational
performance and a extra beneficial commodity outlook.
The transition to proprietor mining has improved neatly and the benefits of nearer management of the in-pit grades
and more desirable blending ahead of the vegetation are being realised.
The maturation of the enterprise past the building stage has placed the neighborhood for its subsequent phase of
boom. no longer simplest is the focal point on continuous advancements in feed grade and recoveries, but on increasing the
company in the course of the operation of third birthday celebration plant life and the advertising and marketing of those commodities.
The creation outlook for FY2018 is 150 koz of PGMs and 1.4 Mt of chrome concentrates, of which 350 kt will
be specialty grade chrome concentrates. Our vision for 2020 is to provide 200 koz of PGMs and 2 Mt of chrome.
The management group is nice about the prospects for the year ahead and believes that with the direct
handle of our mining operations and a robust focal point on ROM nice extra economies of scale will be
established via decreased unit fees and increasing working margins and profitability.
The fulfillment of our brought up goals has had a fabric increase in the morale inside the neighborhood and it is that this
dedication and dedication to reaching these desires that has made the difference in FY2017. we will proceed
to leverage off of this momentum and appear to proceed enforcing our method as we circulate towards attaining
our imaginative and prescient for 2020.
We thank our Board, management, personnel, customers, suppliers and companions who've assisted the
company all through this profitable yr.
CONDENSED CONSOLIDATED financial STATEMENTS
30 September 2016
preparation and approval of condensed consolidated fiscal statements
The condensed consolidated economic statements for the yr ended 30 September 2017 were
extracted from the audited economic statements of the group, but have not been audited. The
auditor's report on the audited economic statements does not file on all of the tips
contained herein. Shareholders are therefore recommended that with a view to obtain a full figuring out of
the fiscal position and effects of the group, these condensed consolidated financial statements
should be read in conjunction with the total audited fiscal statements and entire audit document.
These condensed consolidated fiscal statements and the audited economic statements, together
with the audit file, are available on the enterprise's site, www.tharisa.com and are available
for inspection on the registered tackle of the business.
The administrators take full accountability for the training of this record and the proper extraction of
the financial assistance from the underlying fiscal statements.
The directors of the business are liable for the protection of sufficient accounting facts
and the instruction of the fiscal statements and linked guidance in a fashion that pretty
gifts the state of the affairs of the business. These economic statements are prepared in
accordance with international fiscal Reporting requirements and contain full and liable
disclosure in line with the accounting guidelines of the neighborhood that are supported through prudent
judgements and estimates.
The directors are also accountable for the preservation of advantageous techniques of inside handle which
are based on dependent organisational constitution and methods. These systems are designed to
supply reasonably priced assurance as to the reliability of the fiscal statements, and to stay away from and
discover fabric misstatement and loss.
The consolidated financial statements have been said on with out qualification by using KPMG constrained.
The instruction of those condensed outcomes changed into supervised by means of the manager Finance Officer,
Michael Jones, a Chartered Accountant (SA).
The condensed consolidated fiscal statements have been prepared on a going issue groundwork as
the administrators agree with that the enterprise and community will continue to be in operation in the foreseeable future.
The consolidated Annual fiscal Statements have been authorised by using the Board on 28 November 2017.
CONDENSED CONSOLIDATED commentary OF profit OR LOSS AND different
for the 12 months ended 30 September 2017
cost of earnings
(one hundred sixty five 177)
fifty four 476
a hundred and sixty
results from working actions
ninety five 911
adjustments in fair cost of fiscal assets at reasonable price via profit or loss
alterations in fair value of monetary liabilities at reasonable value via profit
internet finance charges
profit earlier than tax
earnings for the 12 months
sixty seven 673
other complete salary
items that may be classified subsequently to income or loss:
overseas currency translation transformations for international operations, web of tax
CONDENSED CONSOLIDATED remark OF earnings OR LOSS AND different
for the year ended 30 September 2017
other complete salary, internet of tax
complete finished profits for the 12 months
profit for the year as a result of:
owners of the business
sixty seven 673
total comprehensive profits for the yr attributable to:
house owners of the company
fifty seven 451
sixty seven 286
profits per share
basic and diluted earnings per share (US$ cents)
CONDENSED CONSOLIDATED statement OF monetary place
as at 30 September 2017
Property, plant and gadget
long term deposits
other monetary property
Deferred tax assets
total non-present property
trade and other receivables
other monetary assets
cash and cash equivalents
forty nine 742
complete existing property
eighty four 087
fairness and liabilities
Share top rate
overseas foreign money translation reserve
(seventy three 561)
equity brought on by owners of the company
Deferred tax liabilities
total non-existing liabilities
different fiscal liabilities
trade and different payables
complete latest liabilities
seventy seven 753
complete fairness and liabilities
The consolidated financial statements were authorised for situation with the aid of the Board of administrators on 28 November 2017.
CONSOLIDATED statement OF adjustments IN fairness
for the 12 months ended 30 September 2017
brought on by homeowners of the company
balance at 30 September 2015
(seventy six 705)
complete comprehensive salary for the 12 months
profit for the yr
other finished earnings:
international currency translation transformations
complete complete salary for the 12 months
Transactions with homeowners of the business
Contributions through and distributions to homeowners
fairness-settled share based payments
concern of commonplace shares
Contributions via homeowners of the enterprise
total transactions with house owners of the enterprise
stability at 30 September 2016
CONSOLIDATED observation OF adjustments IN equity
for the 12 months ended 30 September 2017
as a result of house owners of the company
balance at 30 September 2016
total comprehensive salary for the year
income for the 12 months
fifty seven 601
sixty seven 673
other complete revenue:
overseas forex translation modifications
(a hundred and fifty)
(a hundred and fifty)
total complete salary for the year
(one hundred fifty)
fifty seven 601
Transactions with owners of the business
Contributions by and distributions to owners
equity-settled share primarily based payments
subject of typical shares
Contributions by house owners of the enterprise
complete transactions with house owners of the business
steadiness at 30 September 2017
forty seven 245
(seventy three 561)
agencies which do not distribute 70% of their profits after tax, as described by using the special Contribution for the Defence of the Republic legislation,
all the way through the two years after the end of the 12 months of evaluation to which the gains refer, can be deemed to have distributed this volume
as dividend. special contribution for defence at 17% might be payable on such deemed dividend to the extent that the optimal shareholders
on the conclusion date of the period of two years from the conclusion of the yr of assessment to which the profits refer are both Cypriot tax residents
and Cypriot domiciled entities. The amount of this deemed dividend distribution is decreased by any precise dividend paid out of the profits
of the relevant yr at any time. This particular contribution for defence is paid via the business for the account of the shareholders.
These provisions do not practice for surest a good option owners which are non-Cypriot tax resident individuals. Retained profits is the
simplest reserve it truly is attainable for distribution.
CONSOLIDATED remark OF money FLOWS
for the yr ended 30 September 2017
money flows from working activities
income for the year
sixty seven 673
Depreciation of property, plant and device
Loss on disposal of property, plant and machine
Impairment losses on goodwill
Impairment losses on stock
Impairment losses on other monetary assets
alterations in reasonable price of financial property at reasonable price through income or loss
changes in reasonable value of economic liabilities at reasonable value via earnings
fairness-settled share based mostly payments
forty three 982
change and other receivables
change and other payables
(4 a hundred)
money from operations
salary tax paid
internet cash flows from operating activities
22 one hundred ninety
money flows from investing actions
Additions to property, plant and equipment
Proceeds from disposal of property, plant and machine
Additions of different financial assets
web cash flows used in investing actions
money flows from financing activities
Refund of long run deposits
Proceeds from bank credit score amenities
web proceeds beneath responsibilities below new loan
repayment of secured bank borrowings and mortgage to 3rd birthday celebration
net money flows utilized in financing actions
web raise in cash and cash equivalents
cash and money equivalents at the start of the yr
effect of exchange fee fluctuations on money held
cash and money equivalents on the end of the 12 months
1. REPORTING ENTITY
Tharisa plc (the enterprise) is a corporation domiciled in Cyprus. These condensed consolidated financial statements
of the business for the 12 months ended 30 September 2017 incorporate the enterprise and its subsidiaries (collectively
noted because the neighborhood). The community is basically worried in platinum neighborhood metals (PGM) and chrome mining,
processing, trading and the linked logistics. The company is listed on the leading board of the Johannesburg
inventory exchange and has a secondary usual checklist on the leading board of the London stock exchange.
2. groundwork OF practise
observation of compliance
These condensed consolidated monetary statements had been prepared according to overseas
monetary Reporting specifications (IFRS), international Accounting necessities, IAS34 period in-between economic Reporting, the
Listings necessities of the Johannesburg stock exchange and the Cyprus agencies legislations, Cap. 113. selected
explanatory notes are blanketed to clarify events and transactions which are big to an realizing of the
alterations in financial position and performance of the group considering that the remaining consolidated economic statements at
and for the yr ended 30 September 2016. These condensed consolidated fiscal statements don't include
all the assistance required for full consolidated fiscal statements prepared in keeping with IFRS.
These condensed consolidated financial statements have been permitted by the Board of directors on 28 November 2017.
Use of estimates and judgements
making ready the condensed consolidated fiscal statements requires management to make judgements,
estimates and assumptions that have an effect on the software of accounting guidelines and the pronounced amounts of assets
and liabilities, income and fees. specific outcomes may additionally vary from these estimates.
In making ready these condensed consolidated financial statements, giant judgements made by means of management
in making use of the neighborhood's accounting policies and the important thing sources of estimation uncertainty had been the same as these
utilized to the consolidated economic statements at and for the year ended 30 September 2016.
useful and presentation currency
The condensed consolidated economic statements are introduced in u.s. bucks (US$) which is the
company's useful foreign money and quantities are rounded to the closest thousand.
After making enquiries which include reports of present money components, forecasts and budgets, timing of cash
flows, borrowing amenities and sensitivity analyses and in view that the linked uncertainties to the neighborhood's
operations, the directors have an inexpensive expectation that the neighborhood has satisfactory fiscal supplies to
continue in operational existence for the foreseeable future. for that reason, they continue to adopt the going
issue groundwork in preparing the consolidated economic statements and the condensed consolidated economic
statements, which assumes that the group may be in a position to meet its liabilities as they fall due for the
New and revised international economic Reporting necessities and Interpretations
The group has no longer early adopted any necessities and interpretations, which aren't yet positive for the financial
12 months ended 30 September 2017.
right here requirements and Interpretations had been issued but don't seem to be yet helpful for annual periods
starting on or after 1 October 2016. people that are relevant to the neighborhood are offered below.
IFRIC 23 - Uncertainty over profits Tax medicine
IFRS 15 earnings from Contracts with customers (valuable for annual intervals beginning on or after 1 January 2018)
IFRS sixteen Leases (beneficial for annual durations beginning on or after 1 January 2019)
IFRS 9 financial contraptions (advantageous for annual durations starting on or after 1 January 2018)
The community will adopt these specifications and Interpretations for the financial yr ending 30 September 2018.
three. huge ACCOUNTING policies
The accounting guidelines applied through the community in these condensed consolidated financial statement are the
same as those applied by using the neighborhood in its audited consolidated fiscal statements at and for the yr
ended 30 September 2017.
4. working SEGMENTS
Segmental efficiency is measured in line with phase profits, cost of income and gross profit or loss, as
protected within the inside administration experiences which are reviewed by the group's administration.
cost of revenue
can charge of revenue excluding selling fees
(1 one hundred forty four)
(fifty four 702)
eighty one 514
charge of income
charge of revenue aside from selling fees
(fifty seven 135)
(sixty four 710)
(a hundred sixty five 177)
The shared costs regarding the manufacturing of the PGM and the chrome concentrates are allocated to
the principal working segments in accordance with the relative income value per product on an ex-works basis. all the way through
the yr ended 30 September 2017, the relative sales value of chrome concentrates multiplied in comparison to
the relative revenue cost of PGM concentrate and due to this fact the allocation groundwork of shared costs changed into
amended to sixty five.0% (chrome concentrates) and 35.0% (PGM focus) respectively. The shared prices have been
allocated equally between the PGM and chrome segments within the comparative length.
all the way through the year the group entered into an agreement to operate a chrome plant owned by a third party and
additionally to market and promote the chrome focus created from this plant. The group additionally intends to further
expand its third-celebration logistics providing and third-birthday celebration trading operations in the 12 months ahead. These
transactions are mentioned separately and are covered in the company and trading phase.
here desk units out assistance in regards to the geographical area of the group's salary from
The geographical vicinity evaluation of earnings from external customers is in accordance with the country of
establishment of each and every client.
a hundred and ten 698
5. charge OF income
seventy seven 773
Salaries and wages
substances and consumables
Depreciation - property, plant and equipment
agency and trading
trade in inventories - comprehensive products and ore stockpile
total can charge of earnings with the exception of promoting costs
forty three 332
can charge of income
6. ADMINISTRATIVE charges
directors and team of workers costs
pension fund and medical aid contributions
Audit - external audit features
corporate and social funding
cut price facility and linked fees
equity-settled share based mostly charge cost
health and safety
criminal and professional
Loss on disposal of property, plant and device
rent and utilities
Telecommunications and IT linked
traveling and lodging
company earnings tax for the year
particular contribution for defence in Cyprus
Originating and reversal of brief alterations
The neighborhood's consolidated positive tax expense for the year ended 30 September 2017 turned into 25.6% (2016: 28.1%).
The employer tax expense is 12.5% in Cyprus, 0% in Guernsey and 28.0% in South Africa.
particular contribution for defence is supplied in Cyprus on certain interest earnings on the price of 30%. a hundred% of
such interest salary is handled as non taxable within the computation of chargeable income for employer tax applications.
No provision for tax in other jurisdictions became made as these entities both sustained losses for taxation
purposes or did not earn any assessable profits.
eight. earnings PER SHARE
simple and diluted revenue per share
The calculation of primary and diluted profits per share has been in response to here earnings because of
the standard shareholders of the enterprise and the weighted regular number of regular shares amazing.
earnings for the yr because of usual shareholders (US$'000)
Weighted common variety of commonplace shares at 30 September ('000)
simple and diluted earnings per share (US$ cents)
LTIP and SARS awards have been excluded from the diluted weighted common number of common shares
calculation because their impact would have been anti-dilutive. The normal market value of the company's
shares for the applications of calculating the advantage dilutive effect of SARS become in response to quoted market fees
for the year all through which the alternate options were outstanding.
Headline and diluted headline income per share
The calculation of headline and diluted headline income per share has been based on the following headline
salary caused by the normal shareholders and the weighted usual variety of general
Headline salary for the year as a result of ordinary shareholders
fifty seven 799
Weighted normal variety of general shares at 30 September ('000)
Headline and diluted headline profits per share (US$ cents)
Reconciliation of income to headline profits
earnings because of general shareholders
fifty seven 601
Impairment losses on goodwill
Loss on disposal of property, plant and
fifty seven 799
9. PROPERTY, PLANT AND gadget
complete accumulated depreciation
(sixty two 996)
(forty five 834)
net ebook cost
Reconciliation of internet ebook value
Opening web e-book cost
alternate adjustment on translation
Closing web booklet value
there were no additions to the deferred stripping asset (2016: US$2.4 million) throughout the yr ended
30 September 2017. The deferred stripping asset is protected in mining belongings and infrastructure.
during the year the community received mining fleet of US$1.2 million (2016: gadget of US$0.6 million) below
a finance hire. The leased machine secures hire duties. At 30 September 2017 the carrying quantity
of the leased gadget amounted to US$1.1 million.
Tharisa Minerals Proprietary restricted got the assets of a sub-contractor, BMI Drilling Proprietary restrained,
all through the 12 months. the whole consideration for the assets turned into ZAR24.1 million and these are blanketed in additions.
blanketed in mining property and infrastructure are projects under construction of US$9.0 million (2016: US$13.four million).
The estimated economically recoverable proved and probable mineral reserve became reassessed all over the 12 months
which gave rise to a change in accounting estimate. The ultimate reserve that administration had prior to now
assessed become 106.four Mt at 31 December 2015 and at 1 October 2016 became assessed to be 100.three Mt. consequently,
the expected beneficial lifetime of the plant lowered. The impact of the alternate on the actual depreciation fee,
covered in charge of revenue, is an extra US$0.four million. The trade became known prospectively.
Freehold land and buildings includes a variety of portions of the farms Elandsdrift 467 JQ and 342 JQ, North West
Province, South Africa. All land is freehold.
Property, plant and equipment, apart from motor motors, is insured at approximate cost of
replacement. Motor automobiles are insured at market price. Land is not insured.
At 30 September 2017, an amount of US$213.5 million (2016: US$200.8 million) of the carrying amount of the
group's tangible property, plant and device is pledged as protection towards financial institution and third party borrowings
At 30 September 2017, the community's capital commitments for contracts to purchase property, plant and
gadget amounted to US$6.5 million (2016: US$1.8 million).
10. lengthy-term DEPOSITS
The long-term deposits signify confined money which is precise as a "debt service reserve account" as
required by way of the phrases of the general terms contract for the senior debt facility of Tharisa Minerals
Proprietary restricted as disclosed in note sixteen.
helpful 31 March 2017, the general phrases agreement was amended by cutting back the volume of constrained
cash required as a debt service reserve account. The launched cash have been utilised as a compulsory prepayment
on the dazzling capital, decreasing the compensation term of the senior debt facility (consult with note sixteen).
The long-term deposits are deposited with principal financial associations of incredible credit standing
predominantly within South Africa and Hong Kong of which US$2.2 million (2016: US$6.6 million) bears hobby
at 5.5% pa (2016: 5.6% pa) and US$2.three million (2016: US$3.3 million) bears activity at 0.01% pa (2016: 0.01% pa).
11. DEFERRED TAX
Deferred tax property
Deferred tax liabilities
net deferred tax legal responsibility
Deferred tax assets and deferred tax liabilities aren't offset except the community has a legally enforceable appropriate
to offset such belongings and liabilities.
the entire above quantities have used the at the moment enacted salary taxation rates of the respective tax
jurisdictions the neighborhood operates in. South African taxation losses at all times expire within 365 days of the
respective entities not buying and selling. The deductible brief timing differences do not expire beneath present
taxation legislation. Deferred tax property have best been regarded when it comes to these items when it is possibly
that taxable profit will be obtainable within the immediate future towards which the respective entities can utilise the
The estimates used to verify the recoverability of acknowledged deferred tax assets consist of a forecast of the
future taxable revenue and future cash stream projections according to a 3 year length. The neighborhood did not have
tax losses and brief modifications for which deferred tax was no longer known.
Impairment of consumables
total carrying quantity
Inventories are pointed out at the lower of cost or internet realisable cost. The community impaired certain consumables
and spares as the operational use grew to become dubious with no predicted recoverable amount or price in use.
The impaired consumables are allotted 35.0% and sixty five.0% respectively to the PGM and chrome working
segments (2016: equally allotted). there have been no write-downs to web realisable price throughout the year
(2016: no write downs).
Inventories are area to a commonplace notarial bond in favour of the lenders of the senior debt facility as referred
to in note 16.
13. alternate AND other RECEIVABLES
forty four 856
other receivables - linked parties (word 18)
Deposits, prepayments and other receivables
value delivered tax receivable (VAT)
Provision for royalty tax
exchange and different receivables of the community are anticipated to be recoverable within three hundred and sixty five days from every reporting date.
exchange and other receivables, that are under 90 days past due aren't considered to be impaired. alternate
and other receivables that are more than 90 days past due are assessed for recoverability as regards to
previous default journey of the counterparty's present monetary place.
protected in VAT is an volume of ZAR79.5 million which pertains to diesel rebates receivable from the South
African earnings provider (SARS) in respect of the mining operations. The group received a letter of intent from
SARS disputing the refundability of this amount. The neighborhood is strongly of the view that it absolutely complies with all
the rules to be entitled to this refund and is opposing SARS's intent no longer to pay out this declare. The community
will take the essential prison motion to get well the quantity due.
according to previous experience, management believes that no impairment allowance (2016: no impairment allowance)
is required in recognize of the trade and different receivables as there has no longer been a major trade
in credit score first-rate and the balances are still regarded thoroughly recoverable. The neighborhood does not hold any collateral
over these balances.
14. cash AND money EQUIVALENTS
financial institution balances
short-term bank deposits
The amounts reflected above approximate fair value.
cash at banks earns interest at floating rates in line with each day financial institution deposit costs. short-term deposits are
often name deposit debts and earn activity on the respective brief-term deposit rates.
At 30 September 2017, an quantity of US$1.7 million (2016: US$1.6 million) turned into provided as security for a financial institution
guarantee issued in favour of a change creditor of a subsidiary of the group and US$0.3 million (2016: US$0.three million)
became provided as protection against certain credit score amenities of the group.
15. SHARE CAPITAL AND RESERVES
30 September 2017
30 September 2016
authorized - general shares of US$0.001
each and every
As at 30 September
10 000 000
10 000 000
approved - convertible redeemable
choice shares of US$1 every
As at 30 September
Issued and fully paid
stability in the beginning of the yr
256 981 571
255 891 886
Shares issued as a part of administration share
4 018 429
1 089 685
much less: Treasury shares
balance at the conclusion of the year
260 012 726
256 981 571
Share top rate
stability at first of the year
256 981 571
255 891 886
Shares issued as a part of administration share
4 018 429
1 089 685
less: Treasury shares
steadiness at the end of the 12 months
260 012 726
256 981 571
Allotments during the yr have been in admire of the award of 2 984 853 typical shares granted in terms of the
Share Award Scheme (Conditional Awards) and 1 033 576 general shares issued as treasury shares to satisfy the
potential future agreement of Appreciation Rights of the individuals' of the Tharisa Share Award Plan.
all through the year ended 30 September 2017, 46 302 average shares have been transferred from treasury shares to
fulfill the endeavor of Appreciation Rights by way of the contributors of the Tharisa Share Award Scheme.
At 30 September 2017, 987 274 average shares have been held in treasury.
Allotments all over the outdated 12 months were in admire of the award of 1 089 685 normal shares granted in phrases
of the percentage Award Scheme (Conditional Awards).
All shares rank equally with regard to the business's residual belongings. The holders of typical shares, aside from
treasury shares, are entitled to obtain dividends as declared now and again and are entitled to one vote per
share at meetings of the enterprise.
the proportion premium represents the excess of the situation expense of ordinary shares over their nominal price, to the
extent that it is registered on the Registrar of organizations in Cyprus, much less share challenge charges. the percentage top rate is
now not distributable for dividend applications.
all the way through the 12 months ended 30 September 2017, the proportion top class account was decreased with the aid of US$179.2 million with
a corresponding enhance in the retained salary to in the reduction of the amassed losses to US$nil. the required court
Order was received on 8 March 2017 and filed at the Registrar of groups on 9 March 2017.
The distribution of US$2.6 million (US$1 cent per share) (2016: no distribution) was accepted by way of a special
decision on 1 February 2017. The particular resolution became ratified by way of the court Order on 8 March 2017.
during the years ended 30 September 2017 and 30 September 2016, the raises within the share top rate account
concerning the concern and allotment of common shares granted when it comes to the share Award Schemes.
Secured financial institution borrowings
Secured bank borrowings
bank credit facilities
loan payable to connected party
Secured financial institution borrowings
The secured bank borrowings relate to financing of ZAR1 billion received from a consortium of banks in South
Africa all the way through the yr ended 30 September 2012. The financing turned into got via Tharisa Minerals Proprietary
restrained, a subsidiary of the neighborhood, and turned into for a length of seven years repayable in twenty two equal quarterly
instalments with the first compensation date at 31 December 2013.
Repayments are area to a cash sweep with a view to cut back the reimbursement duration to no less than 5 years.
Tharisa Minerals Proprietary restricted is required to maintain money in a debt provider reserve account (discuss with
observe 10). positive 31 March 2017, the financing phrases had been amended to cut back the mandatory volume of the
debt provider reserve stability. The launched money from the debt provider reserve balance were utilised as a
obligatory prepayment on the staggering capital, decreasing the compensation time period of the senior debt facility. At
30 September 2017, the estimated final term is the same as 5 quarterly instalments.
The financing bears activity at three month JIBAR plus four.9% pa unless achievement of undertaking completion on
14 November 2016 whereafter the pastime price decreased to JIBAR plus 3.4% pa.
The mortgage includes right here financial covenants:
- Debt provider cowl ratio ("DSCR") at a stage more suitable than 1.4 instances
- personal loan existence cowl ratio at a stage superior than 1.6 times
- Debt/fairness ratio at a stage superior than 1.5 times
- Reserve tail ratio at a level of 30.0% or stronger.
At 30 September 2017 and 30 September 2016, Tharisa Minerals Proprietary limited complied with all covenant
ratios. venture completion become carried out on 14 November 2016. in the prior 12 months, Tharisa Minerals Proprietary
restrained hedged a element of the power for pastime price possibility via an pastime cost cap.
The community entered into finance lease association for the buy of mining fleet. The typical rent term
was forty one months and at 30 September 2017 the finance hire obligation was ZAR28.4 million. The standard
helpful borrowing price is the South African best cost. The interest rate become mounted at the contract date. No
preparations had been entered into for contingent employ.
all over the previous 12 months the community purchased equipment of ZAR22.9 million under a finance rent. The leased
gadget secures lease obligations. The hire term became 24 months and the regular constructive borrowing cost
changed into South African best rate plus 3.0% pa. The rent duty at 30 September 2017 turned into ZAR3.4 million
(2016: ZAR12.7 million). The activity rate changed into fixed on the contract date. No preparations have been entered
into for contingent rent.
minimum lease payments due:
inside 12 months
Two to five years
less future finance prices
existing cost of minimal hire funds due
existing value of minimal rent funds due:
inside three hundred and sixty five days
Two to 5 years
The stability pertains to a trade payable of which charge had been deferred. The quantity payable changed into
unsecured and interest was calculated at the South African best fee. all over the year ended 30 September 2017,
an agreement become reached with the deferred supplier and the fabulous balance become settled in full.
Guardrisk personal loan
The loan from Guardrisk assurance enterprise confined bears hobby at 9.06% (2016: 8.72%) pa, compounded
month-to-month and is repayable in twelve monthly instalments starting off 1 December 2016. The loan is guaranteed
by using the enterprise for an volume of ZAR14.0 million. The ultimate instalment is due on 1 November 2017.
financial institution credit score amenities
The bank credit score amenities relate to the discounting of the letters of credit score through the neighborhood's banks following
efficiency of the letter of credit situations by way of the community, which outcomes in dollars being got in strengthen
of the usual price date. hobby on these facilities on the reporting date become US Libor plus 1.6% pa
(2016: US Libor plus 1.6% pa).
17. monetary devices
fiscal property - carrying quantity
Loans and receivables
long-time period deposits
money and money equivalents
forty nine 742
Investments at fair cost through income or loss *
economic contraptions at reasonable value via income or loss **
seventy five 537
monetary liabilities - carrying volume
forty nine 401
sixty two 416
discount facility **
forward exchange contracts**
one hundred fifty
salary got in boost
seventy nine 753
one hundred and five 734
* stage 1 of the reasonable cost hierarchy - quoted expenditures in energetic markets for a similar instrument
** degree 2 of the reasonable price hierarchy - enormous inputs are based on observable market records for identical
The Board of directors considers that the reasonable values of monetary assets and liabilities approximate their
carrying values at each and every reporting date.
18. related birthday celebration TRANSACTIONS
related party transactions exist between shareholders, subsidiaries inside the group and its enterprise
administrators and key administration personnel.
These transactions are concluded at arm's size within the average path of the company. All intergroup
transactions had been eradicated on consolidation.
Transactions and balances with related events:
trade and other receivables (observe 13)
The Tharisa community have faith
Rocasize Proprietary restrained
Keaton Administrative and Technical functions Proprietary confined
The amounts above are unsecured, activity free with out a fastened reimbursement terms.
personal loan payable to related birthday celebration (observe 16)
Langa have faith
The loan payable to the Langa believe turned into settled in full during the 12 months ended 30 September 2017.
quantities as a result of directors and former directors
J Ka Ki Chen
B Chi Ming Cheng
activity bearing - gathered dividends to linked parties
The Phax have confidence
The Rowad have faith
Langa have faith
Ditodi have confidence
Makhaye have faith
The Phax have confidence
The Rowad believe
Compensation to key management:
different key administration
different key management
Share-based awards to the govt administrators and other key administration all through the 12 months ended 30 September
2017 were as follows:
2017 standard shares
LTIP - govt directors
1 723 522
1 808 316
LTIP - other key
1 a hundred and fifteen 106
1 202 153
2016 normal shares
LTIP - govt directors
1 066 563
1 723 522
LTIP - different key
1 one hundred fifteen 106
2017 standard shares
SARS - executive directors
1 243 870
1 362 327
SARS - other key
2016 normal shares
SARS - govt directors
1 039 291
1 243 870
SARS - other key
(eighty two 973)
Non-government administrators don't seem to be entitled to participate in the community's share award schemes.
Relationships between parties:
Keaton Administrative and Technical capabilities Proprietary constrained
Two of the administrators of the maintaining business of Keaton Administrative and Technical services Proprietary
restrained had been also directors of the enterprise throughout the year.
The Tharisa community believe and Rocasize Proprietary restrained
The Tharisa community believe is a shareholder of Tharisa Minerals Proprietary restrained and owns one hundred% of the
issued usual share capital of Rocasize Proprietary limited.
Langa trust, Arti believe, Phax have faith and Rowad have confidence
A Director of the enterprise is a beneficiary of those trusts.
Ditodi trust and Makhaye trust
definite of the non-controlling shareholders of Tharisa Minerals Proprietary constrained are beneficiaries of these trusts.
MJ Jaquet-Briner is a director of Tharisa Minerals Proprietary confined and is a shareholder within the non-
controlling hobby of Tharisa Minerals Proprietary confined.
19. CONTINGENT LIABILITIES
As at 30 September 2017, there isn't any litigation (2016: no litigation), current or pending, which is considered
more likely to have a material adversarial impact on the community.
20. routine AFTER THE REPORTING duration
valuable 1 October 2017 Tharisa Minerals Proprietary restrained transitioned from a contractor mining model to
an owner mining mannequin with the acquisition of mining equipment, spares and consumables from MCC
Contracts Proprietary constrained (MCC), the previous mining contractors of Tharisa Minerals Proprietary constrained,
and includes the switch of the employment of 876 personnel of MCC. furthermore, Tharisa Minerals Proprietary
limited took cession and project of certain leases entered into through MCC.
here summarises the property got and liabilities assumed at the acquisition date:
Property, plant and gadget
worker connected liabilities
Finance rent liabilities
The fair price of assets obtained and liabilities assumed has now not yet been decided. management is currently
within the process of finalising the asset valuations, settling on all property when it comes to the contracts and assessing any
liabilities that should be recognised. moreover, the goodwill/profit on bargain purchase cannot be
determined as yet.
the whole cash consideration paid for the acquisition became ZAR279 million. No deferred consideration or
contingent consideration exists.
The buy consideration turned into funded with the aid of a bridge mortgage from ABSA bank confined and an fashioned device
brand finance facility from Caterpillar financial functions business enterprise.
aside from the above, the Board of administrators aren't privy to any count or circumstance coming up considering the fact that the end
of the financial yr a good way to influence these economic consequences.
21. CAPITAL DISTRIBUTION AND DIVIDENDS
A distribution of US$2.6 million (US$ 1 cent per share) (2016: no distribution) became declared on 1 February 2017
as a reduction of share top rate.
No dividends were declared all through the year (2016: no dividends).
the total audited Annual financial Statements and the results presentation may be purchasable for
download in the Investor members of the family component to the web page on 30 November 2016.
For any questions related to the effects, please contact our Investor family members manager, Sherilee
Lakmidas at [email protected]
further particulars in regards to the distribution to shareholders might be introduced in due course by means of SENS/RNS.
workplace 108 - 110
S. Pittokopitis company Centre
17 Neophytou Nicolaides and Kilkis Streets
PO box 62425
directors OF THARISA
Loucas Christos Pouroulis (executive Chairman)
Phoevos Pouroulis (Chief govt Officer)
Michael Gifford Jones (Chief Finance Officer)
John David Salter (Lead unbiased non-govt director)
Antonios Djakouris (unbiased non-executive director)
Omar Marwan Kamal (Non-government director)
Carol Bell (impartial non-executive director)
Roger Davey (independent non-executive director)
Joanna Ka Ki Cheng (Non-executive director)
JOINT enterprise SECRETARIES
26 Vyronos Avenue
Sanet de Witt
2nd flooring, The Crossing,
372 leading road
Bryanston Johannesburg 2021
email: [email protected]
INVESTOR members of the family
Eland condo, The Braes
three Eaton Avenue Bryanston Johannesburg 2021
email: [email protected]
Computershare Investor features Proprietary restrained
Registration quantity: 2004/003647/07
Rosebank Towers, 15 Biermann Avenue,
Rosebank, Johannesburg, 2196
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ExtremeNetworks [3 Certification Exam(s) ]
F5-Networks [20 Certification Exam(s) ]
FCTC [2 Certification Exam(s) ]
Filemaker [9 Certification Exam(s) ]
Financial [36 Certification Exam(s) ]
Fortinet [12 Certification Exam(s) ]
Foundry [6 Certification Exam(s) ]
FSMTB [1 Certification Exam(s) ]
Fujitsu [2 Certification Exam(s) ]
GAQM [9 Certification Exam(s) ]
Genesys [4 Certification Exam(s) ]
GIAC [15 Certification Exam(s) ]
Google [4 Certification Exam(s) ]
GuidanceSoftware [2 Certification Exam(s) ]
H3C [1 Certification Exam(s) ]
HDI [9 Certification Exam(s) ]
Healthcare [3 Certification Exam(s) ]
HIPAA [2 Certification Exam(s) ]
Hitachi [30 Certification Exam(s) ]
Hortonworks [4 Certification Exam(s) ]
Hospitality [2 Certification Exam(s) ]
HP [746 Certification Exam(s) ]
HR [2 Certification Exam(s) ]
HRCI [1 Certification Exam(s) ]
Huawei [21 Certification Exam(s) ]
Hyperion [10 Certification Exam(s) ]
IAAP [1 Certification Exam(s) ]
IAHCSMM [1 Certification Exam(s) ]
IBM [1525 Certification Exam(s) ]
IBQH [1 Certification Exam(s) ]
ICAI [1 Certification Exam(s) ]
ICDL [6 Certification Exam(s) ]
IEEE [1 Certification Exam(s) ]
IELTS [1 Certification Exam(s) ]
IFPUG [1 Certification Exam(s) ]
IIA [3 Certification Exam(s) ]
IIBA [2 Certification Exam(s) ]
IISFA [1 Certification Exam(s) ]
Intel [2 Certification Exam(s) ]
IQN [1 Certification Exam(s) ]
IRS [1 Certification Exam(s) ]
ISA [1 Certification Exam(s) ]
ISACA [4 Certification Exam(s) ]
ISC2 [6 Certification Exam(s) ]
ISEB [24 Certification Exam(s) ]
Isilon [4 Certification Exam(s) ]
ISM [6 Certification Exam(s) ]
iSQI [7 Certification Exam(s) ]
ITEC [1 Certification Exam(s) ]
Juniper [63 Certification Exam(s) ]
LEED [1 Certification Exam(s) ]
Legato [5 Certification Exam(s) ]
Liferay [1 Certification Exam(s) ]
Logical-Operations [1 Certification Exam(s) ]
Lotus [66 Certification Exam(s) ]
LPI [23 Certification Exam(s) ]
LSI [3 Certification Exam(s) ]
Magento [3 Certification Exam(s) ]
Maintenance [2 Certification Exam(s) ]
McAfee [8 Certification Exam(s) ]
McData [3 Certification Exam(s) ]
Medical [25 Certification Exam(s) ]
Microsoft [363 Certification Exam(s) ]
Mile2 [2 Certification Exam(s) ]
Military [1 Certification Exam(s) ]
Misc [1 Certification Exam(s) ]
Motorola [7 Certification Exam(s) ]
mySQL [4 Certification Exam(s) ]
NBSTSA [1 Certification Exam(s) ]
NCLEX [2 Certification Exam(s) ]
Network-General [12 Certification Exam(s) ]
NetworkAppliance [36 Certification Exam(s) ]
NI [1 Certification Exam(s) ]
NIELIT [1 Certification Exam(s) ]
Nokia [6 Certification Exam(s) ]
Nortel [130 Certification Exam(s) ]
Novell [37 Certification Exam(s) ]
OMG [10 Certification Exam(s) ]
Oracle [265 Certification Exam(s) ]
P&C [1 Certification Exam(s) ]
Palo-Alto [4 Certification Exam(s) ]
PARCC [1 Certification Exam(s) ]
PayPal [1 Certification Exam(s) ]
Pegasystems [11 Certification Exam(s) ]
PEOPLECERT [4 Certification Exam(s) ]
PMI [15 Certification Exam(s) ]
Polycom [2 Certification Exam(s) ]
PostgreSQL-CE [1 Certification Exam(s) ]
Prince2 [6 Certification Exam(s) ]
PRMIA [1 Certification Exam(s) ]
PsychCorp [1 Certification Exam(s) ]
PTCB [2 Certification Exam(s) ]
QAI [1 Certification Exam(s) ]
QlikView [1 Certification Exam(s) ]
Quality-Assurance [7 Certification Exam(s) ]
RACC [1 Certification Exam(s) ]
Real-Estate [1 Certification Exam(s) ]
RedHat [8 Certification Exam(s) ]
RES [5 Certification Exam(s) ]
Riverbed [8 Certification Exam(s) ]
RSA [15 Certification Exam(s) ]
Sair [8 Certification Exam(s) ]
Salesforce [5 Certification Exam(s) ]
SANS [1 Certification Exam(s) ]
SAP [98 Certification Exam(s) ]
SASInstitute [15 Certification Exam(s) ]
SAT [1 Certification Exam(s) ]
SCO [10 Certification Exam(s) ]
SCP [6 Certification Exam(s) ]
SDI [3 Certification Exam(s) ]
See-Beyond [1 Certification Exam(s) ]
Siemens [1 Certification Exam(s) ]
Snia [7 Certification Exam(s) ]
SOA [15 Certification Exam(s) ]
Social-Work-Board [1 Certification Exam(s) ]
SpringSource [1 Certification Exam(s) ]
SUN [63 Certification Exam(s) ]
SUSE [1 Certification Exam(s) ]
Sybase [17 Certification Exam(s) ]
Symantec [134 Certification Exam(s) ]
Teacher-Certification [4 Certification Exam(s) ]
The-Open-Group [8 Certification Exam(s) ]
TIA [3 Certification Exam(s) ]
Tibco [18 Certification Exam(s) ]
Trend [1 Certification Exam(s) ]
TruSecure [1 Certification Exam(s) ]
USMLE [1 Certification Exam(s) ]
VCE [6 Certification Exam(s) ]
Veeam [2 Certification Exam(s) ]
Veritas [33 Certification Exam(s) ]
Vmware [58 Certification Exam(s) ]
Wonderlic [1 Certification Exam(s) ]
Worldatwork [2 Certification Exam(s) ]
XML-Master [3 Certification Exam(s) ]
Zend [6 Certification Exam(s) ]
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