We are listed on the 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 Glencore-Merafe Chrome Venture (the Venture), in which Glencore
Operations South Africa Proprietary Limited (Glencore) has a 79.5% participation.
Our major shareholders are Glencore (Netherland) B.V. (Glencore BV) and the Industrial Development Corporation of South Africa Limited (Industrial Development Corporation). (See the JSE Limited Share statistics section for more detailed 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.
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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 Manufactured capital and Directors' report. |
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.
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GOVERNANCE AND SUSTAINABILITY
Our commitment to good
governance and sustainability
is reflected in our inclusion in
the JSE Socially Responsible
Investment (SRI) Index since
its inception in 2003. In 2014
the SRI Index assessment
was applied to the top 100
companies on the JSE by market
capitalisation and therefore
excluded small capitalisation
companies. However, Merafe
continues to apply the principles of King III and the SRI Index
reporting criteria in its business.
OUR MATERIAL ISSUES
Our material issues and our
materiality determination process.
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.
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