Merafe Resources

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Interim results

  • 2026
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Interim Results 2026



Merafe achieved a profit of R512 million for the six months ended 30 June 2026, compared with a profit of R233 million for the six months ended 30 June 2025. The increase in profits is supported by significantly higher chrome ore sales volumes and an improvement in commodity prices. Despite challenging market conditions and a significant reduction in ferrochrome production, the Group’s strong earnings growth highlights the resilience of its business model and the successful execution of its strategy to maximise value from its chrome operations.

Interim Results 2025



Sustained pressure from the prolonged economic downturn in the global ferrochrome market has led to a significant profit decline of R233 million for the six months ended 30 June 2025. The challenges (such as high energy costs and increased competition from China) faced by the ferrochrome industry in South Africa, have led to the suspension of several of the Group’s smelting operations in Q2 of 2025. Additionally, there was reduced demand for chrome ore units in H1 of 2025.

Interim Results 2024



Merafe achieved a profit of R720 million for the six months ended 30 June 2024, as a result of higher realised chrome ore prices and a weaker ZAR:USD exchange rate. Ferrochrome prices remain strained and cost increases continue to put pressure on margins. The efficiency of our operations provided some buffer to protect our profitability.

Interim Results 2023



Merafe achieved a profit of R1 049 million for the six months ended 30 June 2023, this is as a result of higher realised chrome ore prices and a weaker ZAR:US$ exchange rate. These were somewhat offset by lower ferrochrome prices and sales volumes, as well as higher costs of ferrochrome production.

Interim Results 2022



Merafe achieved a profit of R925 million for the six months ended 30 June 2022, as a result of higher realised ferrochrome prices and a weaker ZAR:US$ exchange rate. Ferrochorme prices have since declined and cost pressures from inflation, higher reductant costs, chrome ore costs and electricity tariffs continue to mount.

Interim Results 2021



Merafe achieved solid operational and financial results for the first half of 2021. Merafe recorded a profit after tax of R576m compared to a loss of R961m in the prior comparative period. An upswing in ferrochrome demand contributed to increased volumes sold and higher CIF prices realised, which were to some extent offset by a stronger average ZAR:US$ exchange rate. Despite the Lydenburg smelter being on care and maintenance, production volumes increased significantly due to current production being less affected by the COVID-19 restrictions coupled with improved plant efficiencies achieved at our smelters.

Interim Results 2020



The COVID-19 pandemic has destabilised the global health systems and disrupted economies. This pandemic coupled with an already fragile operating environment have resulted in a loss after tax for the first half of 2020. A slow-down in global economic activity has contributed to not only reduced volumes of commodities sold, but also to lower realised cost, insurance and freight (CIF) ferrochrome and chrome ore prices. Merafe recorded a loss after tax for the period ended 30 June 2020 against a profit after tax in the prior comparative period. This includes a significant impairment loss on property, plant and equipment. A weaker average Rand:US$ exchange rate provided some cushion to the loss.

Interim Results 2019



Due to the challenging operational environment characterised by weak demand and lower realised prices, Merafe has produced a subdued set of financial results for the six months ended 30 June 2019. Profit after tax decreased by 61% mainly as a result of lower ferrochrome and chrome ore prices. This effect was offset by a weaker average Rand:US$ exchange rate and higher sales volumes. Working capital, in particular high stock volumes, continues to be a focus area for the Company. No interim dividend has been declared.

Interim Results 2018



Merafe’s revenue and operating income are primarily generated from the Glencore-Merafe Chrome Venture (“Venture”) which is one of the global market leaders in ferrochrome production, with a total installed capacity of 2.3m tonnes of ferrochrome per annum. Merafe shares in 20.5% of the earnings before interest, taxation, depreciation and amortisation (“EBITDA”) from the Venture. Merafe has one reportable segment being the mining and beneficiation of chrome ore into ferrochrome and as a result no segment report has been presented.

Interim Results 2017



During the first six months of 2017, Merafe delivered a solid performance with significant increases in production, revenue and headline earnings per share (“HEPS”) relative to the first half of 2016. Despite the secular trends for the industry such as Chinese demand for stainless steel remaining positive, short-term volatility across commodities remains, given the backdrop of an uncertain geopolitical environment. As such, Merafe has focused on building both operational flexibility and balance sheet strength to best position the Company to navigate the various cycles and maximise return to shareholders.

Interim Results 2016



The condensed consolidated interim financial statements of Merafe for the six months ended 30 June 2016 have been reviewed by the Company's external auditors, KPMG Inc. In their review report, dated 29 July 2016, which is available for inspection at the Company's Registered Office, KPMG Inc. state that their review was conducted in accordance with the International Standard on Review Engagements 2410: Review of Interim Information Performed by the Independent Auditor of the Entity. The auditors have expressed an unmodified conclusion on the condensed consolidated interim financial statements.

Interim Results 2015



The condensed consolidated interim financial results of Merafe and its subsidiaries (“Company”) for the six months ended 30 June 2015 have been reviewed by the Company’s external auditors, KPMG Inc. In their review report, dated 4 August 2015, which is available for inspection at the Company’s Registered Office, KPMG Inc state that their review was conducted in accordance with the International Standard on Review Engagements 2410: Review of Interim Information Performed by the Independent Auditor of the Entity.

Interim Results 2014



The condensed consolidated interim financial results of Merafe and its subsidiaries (“Merafe” or the “Company”) for the six months ended 30 June 2014 have been reviewed by the Company’s external auditors, KPMG Inc. The auditors have expressed an unmodified conclusion on the condensed consolidated interim financial statements and their review report, dated 12 August 2014, is available for inspection at the Company’s Registered Office. The auditors’ review was conducted in accordance with the International Standard on Review Engagements 2410: Review of Interim Information Performed by the Independent Auditor of the Entity.

Interim Results 2013



The condensed consolidated interim financial results of Merafe and its subsidiaries (“Company”) for the six months ended 30 June 2013 have been reviewed by the Company’s auditor, KPMG Inc. In their review report dated 6 August 2013, which is available for inspection at the Company’s Registered Office, KPMG Inc state that their review was conducted in accordance with the International Standard on Review Engagements 2410, Review of Interim Information Performed by the Independent Auditor of the Entity, and have expressed an unmodified conclusion on the condensed consolidated interim financial statements.

Interim Results 2012



The condensed consolidated interim financial results of Merafe and its subsidiaries for the six months ended 30 June 2012 have been reviewed by the Company’s auditor, KPMG Inc. In their review report dated 7 August 2012, which is available for inspection at the Company’s registered office, KPMG Inc state that their review was conducted in accordance with the International Standard on Review Engagements 2410, Review of Interim Information Performed by the Independent Auditor of the Entity, and have expressed an unmodified conclusion on the condensed consolidated interim financial results.

Interim Results 2011



The condensed group financial results of Merafe and its subsidiaries for the six months ended 30 June 2011 have been reviewed by the Company’s auditor, KPMG Inc. In their review report dated 2 August 2011, which is available for inspection at the Company’s Registered Office, KPMG Inc. state that their review was conducted in accordance with the International Standard on Review Engagements 2410, Review of Interim Information Performed by the Independent Auditor of the Entity, and have expressed an unmodified conclusion on the condensed group interim financial statements.

Interim Results 2010



In compliance with the JSE Limited Listings Requirements, Merafe Resources Limited Group (Merafe) prepared its interim financial report for the six months ended 30 June 2010 in accordance with and containing the information required by IAS 34: Interim Financial Reporting, the AC 500 standards issued by the Accounting Practices Board or its successor and Schedule 4 Part IV of the Companies Act of South Africa. The accounting policies adopted are consistent with those applied in the annual financial statements for the year ended 31 December 2009 and are in terms of International Financial Reporting Standards.

Interim Results 2009



In compliance with the JSE Limited Listings Requirements, Merafe Resources Limited Group (Merafe) prepared its interim financial report for the six months ended 30 June 2009 in accordance with IAS34: Interim Financial Reporting. The accounting policies adopted are consistent with those applied in the annual financial statements for the year ended 31 December 2008.

Interim Results 2008



 

Interim Results 2007



In compliance with the JSE Limited Listings Requirements, Merafe has prepared its Group financial statements for the six months ended 30 June 2007 in accordance with International Financial Reporting Standards (IFRS). The accounting policies adopted are consistent with those applied in the annual financial statements for the year ended 31 December 2006.

Interim Results 2006



 

Interim Results 2005



 

Interim Results 2004



This report has been prepared in terms of South African Statements of Generally Accepted Accounting Practice (GAAP), and is consistent with those applied in the financial statements for the 12 months ended 31 March 2004.

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