Organisational overview


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The SA Chrome Boshoek Ferrochrome Project (smelter facilities, pelletising and sintering plant, mine and UG2 plant) is completed and becomes operational.


SA Chrome enters into the Venture with Xstrata to create the leading global ferrochrome producer.


The Venture's Lion I Smelter Project is successfully completed; SA Chrome changes its name to Merafe Resources; Merafe acquires Samancor's 50% interest in the Gemini Joint Venture with Xstrata at the Ventures Wonderkop operation as well as a 50% interest in the Kroondal resources and a 26% interest in the Marikana resources; the Venture completes the Bokamoso pelletising and sintering plant at the Wonderkop smelter; the Venture's mining rights are converted into new order rights under the MPRDA.


The Venture's Lion II Smelter Project is successfully completed; the Venture completes the Tswelopele pelletising and sintering plant at its Rustenburg smelter; the Venture acquires significant reserves at its Eastern operations; Glencore takes over Xstrata and becomes Merafe's partner in the Venture.


Merafe and Glencore enter into PGM Venture agreements at the Venture's Western and Eastern operations.

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


We are listed on the Johannesburg Stock Exchange (JSE) and A2X 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.



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.

Merafe Empowerment

as at 31 December 2023
78% of our Board members
are black (2022: 78%)
33% of our Board members
are female (2022: 33%)
88% of our employees are
black (2022: 88%)
63% of our employees are
female (2022: 63%)

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.