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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Other details
Merafe Resources Limited
((incorporated in the Republic of South Africa)
Company Registration Number: 1987/003452/06
Share code: MRF
ISIN: ZAE000060000 -
Commentary
Commentary
Merafe’s revenue and operating income is primarily generated from the Glencore Merafe Chrome Venture (Venture) which is one of the global market leaders in ferrochrome production, with a total installed capacity of 2.3m tonnes of ferrochrome per annum.....
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