Commentary on results:

Merafe’s revenue and operating income are 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. Merafe shares in 20.5% of the earnings before interest, taxation, depreciation and amortisation (“EBITDA”) from the Venture. Merafe has one reportable segment being the mining and beneficiation of chrome ore into ferrochrome and as a result no segment report has been presented.

Key features

  • 5.5% increase in total revenue
    to R2.721bn (June 2017: R2.580bn)
  • Production costs per tonne managed to a 4.8% increase from December 2017
  • Net cash decreased
    to R331m2 (December 2017: R600m2)
  • 2.4% improvement in TRIFR1
    to 3.65 (December 2017: 3.74)


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