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, Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) and its subsidiaries for the year ended 31 December 2015. The scope of this report also includes the Glencore-Merafe Chrome Venture (the Venture). Save for a change in our major shareholder as set out in this report, there has been no significant change in our size, structure 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 2014, in 2015. As we did last year, the summarised financial and sustainability information and the AGM Notice, will be sent to shareholders and this integrated annual report will be available on our website: www.meraferesources.co.za. Printed copies of the integrated annual report will be available on request from the Company Secretary. We welcome the opportunity that an integrated approach to reporting offers us to break down reporting silos and provide a broader explanation of our performance, underpinned by a strategic focus, connectivity of information, a future orientation and an inclusive and responsible approach to stakeholders. We use the capitals model (natural, human, social, manufactured and financial capital) for our reporting, as recommended in the International Integrated Reporting Committee’s Integrated Reporting Framework. We depend on a variety of resources and relationships for our success. The extent to which we are depleting these or building them up has an important impact on the availability of the resources at our disposal and the relationships that support our long-term viability. The capitals model, by seeing these resources and relationships in terms of ‘capital’, provides us with a basis for understanding sustainability in terms of the economic concept of wealth creation or ‘capital’ and encourages us to consider how wider environmental and social issues can affect our long-term profitability. In addition to following the recommendations contained in King III, the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code) and the JSE Limited Listings Requirements, we are guided by the Global Reporting Initiative’s (GRI) G4 Guidelines and our internally developed policies and procedures, in terms of measuring our progress towards sustainability. KPMG Inc. audits our annual financial statements. Our annual financial statements are in compliance with International Financial Reporting Standards (IFRS) and are available on our website. An independent auditor's report is published in the annual financial statements. The data and information relating to the Venture as set out in this report is subject to the annual internal and external reviews, audits and processes set out on Sustainability review and assurance to ensure that the information relating to the Venture in this report is accurate and reliable.
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