CEO Commentary on results:

Merafe delivered exceptional results for the 2017 year with new records set for chrome ore and ferrochrome production, revenue and EBITDA. These outstanding results were achieved primarily as a result of significant increases in both chrome ore and ferrochrome prices coupled with strong operational cost control. We have delivered excellent returns to shareholders, with a record total dividend of R301m (12 cents per share) for the 2017 year, underpinning our stable dividend policy.

Key features

  • 10% improvement in TRIFR to 3.74 (2016: 4.15)
  • Increase in ferrochrome production, reaching a record high of 395kt (2016: 393kt)
  • 47% increase in EBITDA to a record R1 665m (2016: R1 133m)
  • 72% increase in HEPS to 36.4 cents (2016: 21.2 cents)


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