Zanele image

Our strong balance sheet and the fact that our operations remain the lowest South African cost producer means that the Company is well positioned to take advantage when the market improves.

Chief Executive Officer | 17 March 2023

Financial director image

Merafe's revenue and operating income are primarily generated from the Venture which is one of the global market leaders in ferrochrome production. It has total installed capacity of 2.3mt of ferrochrome per annum

Financial Director | 17 March 2023

Chairperson image

I am pleased to report that in 2022 Merafe again produced an excellent financial and operational performance. This was despite the significant challenges around the availability and pricing of electricity and the failing railway and port infrastructure. On governance, we are pleased to report that the Company in most material respects is compliant with King IV. The Company in 2022 also assessed the JSE’s guidance papers on sustainability and climate change reporting and will be working hard in 2023 with its Venture partner to address any shortfalls identified.

Chairperson | 17 March 2023



2022 year in review

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Cash balance of

R1.3 billion

(2021: R972 million)

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Net cash generated from operating activities increased to

R1.7 billion

(2021: R1.2 billion)

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Revenue of

R7.9 billion

(2021: R8.1 billion)

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Headline earnings per share of

56.4 cents per share

(2021: 67.0 cents per share)

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R2.1 billion

(2021: R2.4 billion)

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Ferrochrome sales volumes of


(2021: 394kt)

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Net profit of

R1.4 billion

(2021: R1.7 billion)

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Ferrochrome production of


(2021: 379kt)

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(2021: NIL)

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Total recordable injury frequency rate (TRIFR) of


(2021: 2.802)

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Final cash dividend of

13 cents per share

(2021: 22 cents per share)

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Average ferrochrome CIF price of

111 USc/lb

(2021: 108 USc/lb)

1 Earnings before interest, taxation, depreciation, amortisation and impairment
2 Restated from 2.75 to 2.80
Icon reference
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Positive performance or occurrence compared to prior year


No change in performance compared to prior year

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Negative performance or occurrence compared to prior year

Our operating context

Key statistics for 2022
Global ferrochrome production increased from 14.4mt in 2021 to 15.3mt in 2022

Ferrochrome demand decreased from 14.4mt in 2021 to 14.1mt in 2022

South Africa produced approximately 3.9mt of global ferrochrome production (2021: 3.7mt)
imported approximately 12.3mt chrome ore
from South Africa

(2021: 12mt)
Chrome is a
metallurgical marvel.
It brings critical
properties to the
metals with which
it is alloyed.