About this report

We are pleased to present to you the integrated annual report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the JSE Limited, and Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) for the year ended 31 December 2013. The scope of this report includes Merafe, its subsidiaries and the Glencore-Merafe Chrome Venture (the Venture), which was previously known as the Xstrata-Merafe Chrome Venture. There has been no significant change in our size, structure, ownership or products and there are no specific limitations on the scope or boundary of this report.

We published our previous integrated annual report, for the reporting period ended 31 December 2012, in 2013. This year, in the interests of conciseness, we have taken a new approach to our reporting. In the printed version of our integrated annual report we aim to provide a concise overview of our reporting for 2013. There are references throughout this report to additional information which is available on our more

Strategic review

The Venture’s investments in energy-efficient technology will continue to give it a significant advantage in the ferrochrome market

Chairmans report

This year we mourned the passing of Nelson Mandela and celebrated his life during which he made such an outstanding contribution to society.