CEO COMMENTARY ON RESULTS

Weaker commodity prices and increasing costs made for a challenging year for Merafe. Earnings slumped by 62% to R667 million, after the full impairment of the Boshoek smelter of R575 million. Ferrochrome prices were impacted by surplus supply as a result of new Chinese production capacity.

The board of directors of Merafe (the Board) resolved to declare a final cash dividend of R200 million, bringing the total dividends for the 2024 financial year to R700 million (2023: R1 050 million).