Organisational overview

The Merafe Group and Glencore (formerly Xstrata) formed the Venture in July 2004 when we pooled our chrome operations to create the largest ferrochrome producer in the world.

Our business

We are listed on the Johannesburg Stock Exchange (JSE) in the General Mining sector under the share code MRF. Our business is the 20.5% participation through our wholly-owned subsidiary, Merafe Ferrochrome, in the earnings before interest, tax, depreciation and amortisation (EBITDA) of the Venture in which Glencore Operations South Africa Proprietary Limited (Glencore) has a 79.5% participation.

Our major shareholders are Glencore (Netherlands) B.V. (Glencore BV) and the Industrial Development Corporation of South Africa (IDC). See shareholder information.

The Merafe Group and Glencore (formerly Xstrata) formed the Venture in July 2004 when we pooled our chrome operations to create the largest ferrochrome producer in the world. Glencore's merger with Xstrata took place in May 2013.

Stakeholder relationships

We believe our commitment and achievements in terms of empowerment, sustainability and good governance have allowed us to establish sound relationships with our stakeholders. A diagram setting out the stakeholders that Merafe and the Venture have identified, together with the issues we have identified that could have a material impact on our stakeholders, is set out in stakeholders.

Our shareholders

For more information on the assets we pooled, of which we have retained ownership, and the additional assets we have invested in since participating in the Venture, see the tables on manufactured capital and directors' report.Our shareholders

Merafe Empowerment as at 31 December 2022

78%
of our Board members are black
(2021: 78%)
33%
of our Board members are female
(2021: 33%)
88%
of our employees are black
(2021: 86%)
63%
of our employees are female
(2021: 57%)

Governance and sustainability

We are committed to good governance and sustainability as reflected in our report. Merafe continues to apply the principles of King IV and the SRI Index reporting criteria in its business. Please see our King IV register in our approach to governance in this report as well as the sections on Performance and Transparency and Accountability.

Our approach to risk

We recognise that risk is inevitable in business and that it goes hand-in-hand with opportunity. We have established a risk management system that allows us to pursue business opportunities and grow shareholder value, monitor risk in our investments and develop and protect our people, the environment in which the Venture operates and our reputation. Our approach to risk management is discussed in the Transparency and Accountability section of this report in approach to risk management.

Our material issues

Our material issues and our materiality determination process are set out here.

OUR GROUP STRUCTURE