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Integrated Annual Report 2025



We present to you the Integrated Annual Report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the Johannesburg Stock Exchange (JSE) and A2X and its wholly-owned subsidiary Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) for the year ended 31 December 2025 (in this report referred to as Merafe, or Group or the Company). The scope of this report also includes the Glencore-Merafe Chrome Venture (the Venture).

Integrated Annual Report 2024



We present to you the Integrated Annual Report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the JSE and A2X and its wholly owned subsidiary Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) for the year ended 31 December 2024 (in this report referred to as Merafe, or Group or the Company). The scope of this report also includes the Glencore-Merafe Chrome Venture (the Venture).

Integrated Annual Report 2023



We present to you the Integrated Annual Report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the JSE, Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) and its subsidiaries for the year ended 31 December 2023 (in this report referred to as "Merafe", the "Merafe Group" or "Group" or the "Company"). The scope of this report also includes the Glencore-Merafe Chrome Venture (the Venture).

Integrated Annual Report 2022



We present to you the Integrated Annual Report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the JSE, Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) and its subsidiaries for the year ended 31 December 2022 (in this report referred to as "Merafe", the "Merafe Group" or "Group" or the "Company"). The scope of this report also includes the Glencore-Merafe Chrome Venture (the Venture).

Integrated Annual Report 2021



We present to you the Integrated Annual Report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the JSE, Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) and its subsidiaries for the year ended 31 December 2021 (in this report referred to as "Merafe", the "Merafe Group" or "Group" or the "Company"). The scope of this report also includes the Glencore-Merafe Chrome Venture (the Venture).

Integrated Annual Report 2020



We present to you the Integrated Annual Report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the JSE, Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) and its subsidiaries for the year ended 31 December 2020 (in this report referred to as "Merafe", the "Merafe Group" or the "Company"). The scope of this report also includes the Glencore-Merafe Chrome Venture (the Venture).

Integrated Annual Report 2019



We present to you the Integrated Annual Report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the JSE, Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) and its subsidiaries for the year ended 31 December 2019 (in this report referred to as "Merafe", the "Merafe Group" or the "Company").

Integrated Annual Report 2018



We are pleased to present to you the Integrated Annual Report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the JSE, Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) and its subsidiaries for the year ended 31 December 2018 (in this report referred to as "Merafe", the "Merafe Group" or the "Company").

Integrated Annual Report 2017



We are pleased to present to you the integrated annual report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the JSE, Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) and its subsidiaries for the year ended 31 December 2017 (in this report referred to as "Merafe", the "Merafe Group" or the "Company").

Integrated Annual Report 2016



We are pleased to present to you the integrated annual report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the JSE, Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) and its subsidiaries for the year ended 31 December 2016.

Integrated Annual Report 2015



We are pleased to present to you the integrated annual report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the JSE, Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) and its subsidiaries for the year ended 31 December 2015.

Integrated Annual Report 2014



We are pleased to present to you the integrated annual report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the JSE, and Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) for the year ended 31 December 2014.

Integrated Annual Report 2013



We are pleased to present to you the integrated annual report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the JSE Limited, and Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) for the year ended 31 December 2013.

Integrated Annual Report 2012



The five capitals model we have adopted provides a basis for understanding sustainability in terms of the economic concept of wealth creation or ‘capital’. A sustainable organisation will maintain and where possible enhance these stocks of capital assets, rather than deplete or degrade them. The model allows business to broaden its understanding of financial sustainability by allowing business to consider how wider environmental and social issues can affect long-term profitability.

Integrated Annual Report 2011



We are pleased to present to you the annual report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the JSE Limited, and Merafe Ferrochrome and Mining Proprietary Limited for the year ended 31 December 2011. We published our previous annual report, for the reporting period ended 31 December 2010, in 2011.

Integrated Annual Report 2010



The objective of this report is to provide our stakeholders with an integrated view of the economic, social and environmental performance for the fi nancial year 1 January 2010 to 31 December 2010 of the Merafe Group (consisting of the entities set out in this report including Merafe Resources Limited and Merafe Ferrochrome and Mining (Pty) Ltd). The company’s previous annual report was published in 2010 for the reporting period ended 31 December 2009.

Integrated Annual Report 2009



This report covers the economic, social and environmental performance of the Merafe Group (consisting of the entities set out in this report, including Merafe Resources Limited and Merafe Ferrochrome and Mining (Pty) Limited) for the 12-month period from 1 January 2009 to 31 December 2009. It is Merafe Resources’ ninth annual report and its sixth sustainability report. Merafe Resources has integrated its reporting on social, environmental and economic issues in one annual report and it intends continuing with this practice. The company’s financial year runs from 1 January to 31 December. Its previous annual report was published in March 2009.

Integrated Annual Report 2008



This report covers the economic, environmental and social performance of the Merafe Group for the 12 month period from 1 January 2008 to 31 December 2008. The fi nancial year of Merafe Resources runs from January to December.

Integrated Annual Report 2007



Merafe Resources Limited (Merafe Resources or the Company) is listed on the JSE Limited under the share code "MRF" in the "General Mining" sector.

Integrated Annual Report 2006



The financial year of Merafe Resources Limited (Merafe Resources or the Company) runs from January to December. This report reviews the results for the calendar and financial year ended 31 December 2006.

Integrated Annual Report 2005



The financial year of Merafe Resources Limited (Merafe Resources or the Company) runs from January to December. This report reviews the results for the calendar and financial year ended 31 December 2006.

Integrated Annual Report 2004



Our previous annual report covered the financial year 1 April 2003 to 31 March 2004. The decision was taken at the time of the formation of the Xstrata - Merafe Chrome Venture to align our financial reporting period with that of Xstrata plc, which is from 1 January to 31 December. As a result this annual report covers the nine months from 1 April 2004 to 31 December 2004.

Integrated Annual Report 2003



Certain statements in this report constitute ‘forward looking statements’. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performances, objectives or achievements of SA Chrome and its subsidiary company’s as well as the ferrochrome industry to be materially different from future results, performances, objectives or achievements expressed or implied by these forward looking statements. SA Chrome is subject to the effect of changes in commodity prices, currency fluctuations and the risks involved in mining and smelting operations