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Chief Executive Officer’s strategic review
The focus of the Company in 2017 continued to be on safety, ferrochrome production, maximising cash flows ...
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Financial Director
Merafe's financial results for 2017 were outstanding with new records set for revenue and EBITDA ...
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Chairperson’s report
We agree with the assertion in King IV that good governance has its foundation in effective and ethical leadership ...
Our operating context
of the ferrochrome produced is used in stainless steel and speciality steels
growth rate forecast
for stainless steel
production in 2018
Approximately 29%
of the world’s ferrochrome
production was supplied by
South Africa in 2017
Over 72%
of the world’s chrome reserves
are in South Africa
Provides over 200 000
direct and indirect jobs
2017 year
in review
Key features
Revenue of
R5.9 billion
(2016: R5.7 billion)
EBITDA of
R1.7 billion
(2016: R1.1 billion)
Net profit of
R914 million
(2016: R532 million)
Headline earnings of
36.4c per share
(2016: 21.2c)
Ferrochrome sales volumes
of 375kt
(2016: 437kt)
Ferrochrome production
of 395kt
(2016: 393kt)
Fatalities: 1 (2016: 1 fatality)
TRIFR of 3.74 (2016: 4.15)
9.5% appreciation in the average Rand/US Dollar exchange rate
Total dividend for 2017 of
R301 million
(2016: R120 million)
Average European benchmark
ferrochrome price of
142 USc/lb
(2016: 96 USc/lb)