Merafe Resources Limited
INTEGRATED ANNUAL REPORT
2025
Delivering today. Investing in tomorrow.
The Venture's ferrochrome operations remain under pressure, with only the Lion smelter back in operation following the successful recommissioning of 50% of its operating capacity in February 2026.
Zanele Matlala Chief Executive Officer
1/3
Financial capital makes it possible for other types of capital to be owned and traded. Financial capital is also representative of how successful we have been at achieving the sustainable development of our natural, human, social and manufactured capitals.
Ditabe Chocho Financial Director
2/3
King V reinforces the central role of ethical leadership, accountability and sustainable value creation in a rapidly changing business environment.
Steve Phiri Chairperson
3/3
EBITDA
Headline earnings
Net cash generated from operating activities
Cash and balances held with Central Treasury
Final cash dividend
* Restated (see note 41 of the audited consolidated annual financial statements for details of the restatement for the year ended 31 December 2025).
Chrome is a metallurgical marvel. It brings critical properties to the metals with which it is alloyed.
Global ferrochrome production decreased from 17.1Mt in 2024 to 15.9Mt in 2025
Ferrochrome demand increased from 16.0Mt in 2024 to 16.4Mt in 2025
South Africa's share of global ferrochrome production was 1.6Mt (2024: 3.3Mt)
China imported approximately 19.6Mt in chrome ore from South Africa (2024: 17.0Mt)
