Merafe - trading statement and production report











Merafe∆s attributable ferrochrome production from the Glencore Merafe Chrome Venture (the Venture) for the year ended 31 December 2015 increased by 13% compared to the prior year. This increase was primarily attributable to the additional production from the Project Lion II furnaces.

The Venture∆s operating capacity utilisation for the year ended 31 December 2015 was 87% (79% of installed capacity).

Trading statement
Shareholders are advised that Merafe is expecting to report the following:
*Basic earnings per share for the year ended 31 December 2015 of between 13.0 cents and 15.0 cents compared to 8.6 cents for the year ended 31 December 2014, which is an increase of between 51% and 74%.
*Headline earnings per share for the year ended 31 December 2015 of between 13.0 cents and 15.0 cents, compared to 8.4 cents for the year ended 31 December 2014, which is an increase of between 55% and 79%.

* On 4 January 2016, R50m of the R559m ABSA and Standard Bank debt was repaid.

Shareholders are advised that the financial information on which this trading statement is based, has not been reviewed or reported on by Merafe`s external auditors and is provided in terms of paragraph 3.4(b) of the JSE Limited Listings Requirements. The financial results for the year ended 31 December 2015 are expected to be released on SENS on 8 March 2016.







2016-01-28 13:31:52