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06-Aug-2018
(C)
Revenue for the interim period grew to R2.7 billion (R2.6 billion). Earnings before interest, taxation, depreciation and amortisation decreased to R796.3 million (R865.4 million). Profit and total comprehensive income for the period came to R425.1 million (R486.5 million). In addition, headline earnings per share was recorded at 16.9 cents per share (19.4 cents per share).



Declaration of an ordinary cash dividend for the interim period ended 30 June 2018

Notice is hereby given that a gross interim local ordinary cash dividend of R200.0m (7.96589 cents per share) has been declared payable, by the Board, to holders of ordinary shares. The dividend will be paid out of income reserves.



Directors

Ms Karabo Nondumo resigned as an independent non-executive director of Merafe on 8 May 2018. Ms Kajal Bissessor has resigned in her capacity as Financial Director effective 31 August 2018. Mr Ditabe Chocho has been appointed as the Financial Director for the group effective 1 August 2018. Ms Matsotso Vuso has been appointed as an independent non-executive director of Merafe effective 30 July 2018. There were no other changes to the Board.



Outlook

Total 2018 stainless steel production is currently forecast to be 50.8m tonnes (CRU), an increase of 4.9% over 2017. Price and exchange rate volatility are expected to continue, especially given uncertainties driven by trade wars and the global economic environment. In accordance with our strategy, we remain committed to maximising return to our shareholders in the near term in the form of dividends and will continue to assess opportunities to deliver shareholder value.
30-Jul-2018
(Official Notice)
Merafe shareholders are advised that Ms Matsotso Vuso has been appointed as an independent non-executive director of Merafe and as chairperson of the Company?s audit and risk committee, with immediate effect.
17-Jul-2018
(Official Notice)
Merafe's attributable ferrochrome production from the Glencore Merafe Chrome Venture (?Venture?) for the first six months of 2018 decreased by 2.3% compared to the previous period.



Six months ended 30 June 2018 - six months ended 30 June 2017

* Attributable ferrochrome production (kt) : 211 - 216



Voluntary Trading Statement

Basic and headline earnings per share

Shareholders are advised that Merafe is expecting to report basic earnings per share and headline earnings per share of between 16.0 cents and 18.0 cents for the six months ended 30 June 2018, compared to 19.4 cents for the previous comparative period, which amounts to a decrease of between 7.2% and 17.5%.



The decrease in basic and headline earnings, period on period, is a function of lower net CIF ferrochrome prices, a stronger average Rand Dollar exchange rate, a higher depreciation charge and higher costs of goods sold, partially offset by higher ferrochrome sales volumes and higher foreign exchange gains.



Update on cash and debt balances ? Merafe Resources Ltd. Group

30-Jun-18 R'm - 31-Dec-17 R'm

* Net cash and cash equivalents : 331 - 672

* Merafe's 20.5% of the Venture's debtors facility : - - (72)

* Net cash : 331 - 600

* Cash at Merafe level : 256 - 464

* Merafe's 20.5% of the Venture's cash : 75 - 208

* Net cash and cash equivalents : 331 - 672



The decrease in net cash and cash equivalents is mainly as a result of an increase in trade and other receivables and inventories.



The financial results for the six months ended 30 June 2018 are expected to be released on SENS on 6 August 2018.
02-Jul-2018
(Official Notice)
Merafe shareholders are advised that Mr Ditabe Chocho has been appointed as financial director (?FD?) of the Company, effective 1 August 2018.



Ms Kajal Bissessor will continue to serve her notice period in an advisory capacity until 31 August 2018 to ensure a seamless transition and handover process of the FD responsibilities to Mr Chocho.
26-Jun-2018
(Official Notice)
Shareholders of the company are advised that the European benchmark ferrochrome price has been settled at USD138 cents per pound for the third quarter of 2018, a decrease of 2.8% from the USD142 cents per pound price in the second quarter of 2018.
08-May-2018
(Official Notice)
Shareholders are hereby advised that Ms Karabo Nondumo has tendered her resignation as an independent non-executive director of the Company, effective today, Tuesday, 8 May 2018.

The Company has commenced a recruitment exercise to find a suitable successor and accordingly, an announcement will be made following such appointment.



In light of Ms Nondumo?s resignation, ordinary resolution 3.2 as proposed in the notice of annual general meeting (?AGM?) dated 6 March 2018, relating to the appointment of Ms Nondumo as a member of the Audit and Risk Committee of the Company, was withdrawn prior to voting at the AGM held today, Tuesday, 8 May 2018.



Results of AGM

Merafe is pleased to advise its shareholders that all the ordinary and special resolutions proposed in the notice of AGM (save for ordinary resolution 3.2 which was withdrawn) and tabled at the Company?s AGM were passed by the requisite majority of votes cast by shareholders.



Notice to shareholders in terms of section 45 of the Companies Act

Notice is hereby given, in terms of section 45 of the Companies Act, 2008, as amended (?Companies Act?), that pursuant to the authority granted at the AGM, the Board has approved, in accordance with section 45 of the Companies Act, the provision of financial assistance to related and inter-related companies up to an amount not exceeding R2,5 billion, at any time and from time to time during the period 9 May 2018 to 9 May 2019. The total value, if utilised, will exceed 1/10th of 1% of the Company?s net worth as at the date of the board resolution, being 8 May 2018.



The Board has confirmed that, after considering the reasonably foreseeable financial circumstances of the Company, it is satisfied that, immediately after providing such financial assistance, the Company will satisfy the solvency and liquidity test, as contemplated in section 45 of the Companies Act and detailed in section 4 of the Companies Act; and that the terms under which such assistance is proposed to be given are fair and reasonable to the Company.
13-Apr-2018
(Official Notice)
Merafe?s attributable ferrochrome production from the Glencore Merafe Chrome Venture for the first quarter ended 31 March 2018 decreased by 7% compared to the quarter ended 31 March 2017. This decrease was as a result of downtime for additional maintenance requirements at the Lion and Rustenburg ferrochrome plants.
29-Mar-2018
(Official Notice)
Shareholders of the Company are advised that the European benchmark ferrochrome price has been settled at USD142 cents per pound for the second quarter of 2018, an increase of 20.3% from the USD118 cents per pound price in the first quarter of 2018.

27-Mar-2018
(Official Notice)
Shareholders are advised that the summarised consolidated annual financial statements of Merafe for the year ended 31 December 2017 (?AFS?) and the notice of annual general meeting (?AGM?) have been distributed to shareholders today, 27 March 2018.



The 2017 Integrated Annual Report (?IAR?) and the full AFS, on which the Company?s external auditor expressed an unqualified audit opinion and which contain no modifications to the audited results published on SENS on 5 March 2018, are available on the Company?s website at www.meraferesources.co.za.



In addition, copies of the IAR and the full AFS are available at the Company?s registered office (Building B, 2nd Floor, Ballyoaks Office Park, 35 Ballyclare Drive, Bryanston) or on request from the Company Secretary.



Notice of annual general meeting

Notice is hereby given that the AGM will be held at the offices of the Company at Building B, 2nd Floor, Ballyoaks Office Park, 35 Ballyclare Drive, Bryanston at 11:00 on Tuesday, 8 May 2018, for the purpose of transacting the business as outlined in the notice of AGM, accompanying the summarised AFS.



The record date for shareholders to be recorded as such in the securities register of Merafe in order to be able to attend, participate and vote at the AGM is Thursday, 26 April 2018. Accordingly, the last date to trade to be eligible to attend, participate and vote at the AGM is Monday, 23 April 2018.



Availability of BBB-EE annual compliance report

Shareholders are advised that the Company?s annual compliance report prepared pursuant to section 13(G)(2) of the Broad-Based Black Economic Empowerment Act No. 53 of 2003, is available on the Company?s website, www.meraferesources.co.za



27-Mar-2018
(Official Notice)
Shareholders are hereby advised that Ms Kajal Bissessor has tendered her resignation as financial director (?FD?) of the Company, effective 31 August 2018, to embark on a new chapter in her career. The Company is embarking on a recruitment exercise to find a suitable successor for the FD position and accordingly, an announcement will be made following such appointment.

05-Mar-2018
(C)
Revenue for the year grew to R5.9 billion (R5.7 billion) whilst EBITDA was higher at R1.7 billion (R1.1 billion). Profit and total comprehensive income for the year jumped to R914.1 million (R532.4 million). In addition, headline earnings per share rose to 36.4 cents per share (21.2 cents per share).



Dividend

Notice was given that on 1 March 2018 the board declared a gross final ordinary dividend of R225 963 382 (9 cents per share) to holders of ordinary shares. The dividend will be paid out of reserves.



Company outlook

Global stainless steel production is projected to grow by 4.1% in 2018 and at an average of 3% for the three years thereafter, as additional Indonesian capacity is brought online and demand remains robust. This will in turn bolster demand for ferrochrome, particularly from non-Chinese sources. The Venture remains well-positioned to take advantage of the healthy market outlook.



In accordance with our strategy, we remain committed to maximising return to our shareholders in the near term in the form of dividends and will continue to assess opportunities to deliver shareholder value.
29-Jan-2018
(Official Notice)
Merafe?s attributable ferrochrome production from the Glencore Merafe Chrome Venture for the year ended 31 December 2017 increased marginally compared to the prior year.



Trading statement

Basic and headline earnings per share

Shareholders are therefore advised that Merafe is expecting to report the following for the year ended 31 December 2017:

*basic earnings per share of between 34.5 cents and 38.5 cents, compared to 21.2 cents for the prior year, which is an increase of between 63% and 82%; and

*headline earnings per share of between 34.5 cents and 38.5 cents compared to 21.2 cents for the prior year, which is an increase of between 63% and 82%.



The significant increase in earnings per share is primarily driven by substantially higher chrome ore and ferrochrome prices which were partially offset by:

*lower chrome ore and ferrochrome sales volumes;

*stronger average Rand compared to US Dollar exchange rate; and

*an increase in total costs per tonne of ferrochrome and chrome ore sold.



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 Ltd. Listings Requirements. The financial results for the year ended 31 December 2017 are expected to be released on SENS on 5 March 2018.



15-Dec-2017
(Official Notice)
Shareholders of the company are advised that the European benchmark ferrochrome price has been settled at USD118 cents per pound for the first quarter of 2018, a decrease of 15.1% from the USD139 cents per pound price in the fourth quarter of 2017.
09-Nov-2017
(Official Notice)
Shareholders are advised that Merafe management will host an investor dinner on Thursday, 9 November 2017 and an investor site visit to its Lion ferrochrome smelter and Magareng chrome mine on Friday, 10 November 2017.



Mark Beveridge (CRU Group - Principal Consultant) will present an overview of the ferrochrome market at the investor dinner. The presentation will include the factors that define the ferrochrome market and the outlook for global demand and supply.



An overview of the Lion ferrochrome smelter and Magareng chrome mine will be presented at the investor site visit.



The presentations stated above are available on the company?s website (www.meraferesources.co.za).
13-Oct-2017
(Official Notice)
Merafe?s attributable ferrochrome production from the Glencore Merafe Chrome Venture for the nine months ended 30 September 2017 increased marginally compared to the comparative 2016 period. Production volumes were managed across the quarters, through timing of furnace refurbishments to optimise stock levels.
22-Sep-2017
(Official Notice)
Shareholders of the Company are advised that the European benchmark ferrochrome price has been settled at USD139 cents per pound for the fourth quarter of 2017, an increase of 26.4% from the USD110 cents per pound price in the third quarter of 2017.



07-Aug-2017
(C)
Revenue for the interim period grew to R2.6 billion (R2.4 billion). Earnings before interest, taxation, depreciation and amortisation increased to R865.4 million (R256.6 million). Profit and total comprehensive income for the period grew to R486.5 million (R57.3 million). In addition, headline earnings per share improved to 19.4 cents per share (2.3 cents per share).



Declaration of an ordinary dividend for the interim period ended 30 June 2017

Notice is hereby given that a gross interim ordinary dividend of R75 321 127.44 (3 cents per share) has been declared payable, by the Board, to holders of ordinary shares. The dividend will be paid out of reserves.



Outlook

The global chrome market continued to be oversupplied throughout the second quarter of 2017, which led to significant downward pressure on pricing into the third quarter and resulted in the third quarter of 2017 European Benchmark settling at 110 USc/lb. Stainless steel production is expected to reach 46.3m(2) tonnes in 2017, representing a 1.6%(2) increase year on year. Annual growth rates from 2017 to 2021 are expected to average 4.3%(2), indicating strong demand prospects for chrome. As a lower-quartile cost producer, the Venture remains well positioned to withstand depressed market conditions and benefit from any future price increases. In accordance with our strategy, we remain committed to maximising return to our shareholders in the near term in the form of dividends and will continue to assess opportunities to deliver shareholder value.

14-Jul-2017
(Official Notice)
Shareholders are therefore advised that Merafe is expecting to report basic earnings per share (?EPS?) and headline earnings per share (?HEPS?) of between 17.9 cents and 20.9 cents for the six months ended 30 June 2017, compared to 2.3 cents for the comparative period.



The significant increase in EPS and HEPS period on period is primarily attributable to higher ferrochrome and chrome ore prices which was partially offset by lower ferrochrome sales volumes, a stronger Rand Dollar exchange rate and an increase in cost of goods sold.



The financial results for the six months ended 30 June 2017 are expected to be released on SENS on 7 August 2017.



Production report

Merafe?s attributable ferrochrome production from the Glencore Merafe Chrome Venture for the six months ended 30 June 2017 increased by 10% compared to the prior period. This increase is primarily attributable to more furnaces being operational period on period, coupled with pleasing furnace performances.



Six months ended 30 June 2017 and Six months ended 30 June 2016

*Attributable ferrochrome production (kt) - 216; 196
23-Jun-2017
(Official Notice)
Shareholders of the Company are advised that the European benchmark ferrochrome price has been settled at USD110 cents per pound for the third quarter of 2017, a decrease of 28.6% from the USD154 cents per pound price in the second quarter of 2017.
05-May-2017
(Official Notice)
Merafe advised its shareholders that all the ordinary and special resolutions proposed in the Notice of the AGM dated 6 March 2017 and tabled at the Company?s AGM held on Thursday, 4 May 2017 were passed by the requisite majority of votes cast by shareholders.
11-Apr-2017
(Official Notice)
Merafe's attributable ferrochrome production from the Glencore Merafe Chrome Venture (the Venture) for the first quarter of 2017 increased by 10% compared to the comparative period. This increase is primarily attributable to improved performances and efficiencies across the Venture?s furnaces coupled with the restarting of Rustenburg furnace 5 in the second half of 2016.
24-Mar-2017
(Official Notice)
Shareholders are advised that the summarised consolidated annual financial statements of Merafe Resources for the year ended 31 December 2016, and the notice of annual general meeting have been dispatched to shareholders on Friday, 24 March 2017.



The Integrated Annual Report, will also be available on the company?s website www.meraferesources.co.za from 24 March 2017. The consolidated annual financial statements were available on the company?s website from 7 March 2017. In addition, copies of the Integrated Annual Report and the consolidated annual financial statements are available at the company?s registered office (Building B 2nd Floor, Ballyoaks Office Park, 35 Ballyclare Drive, Bryanston) or on request from the company Secretary. The consolidated annual financial statements contain no modifications to the audited results published on 7 March 2017.



The company?s auditors, KPMG Inc, have audited the consolidated annual financial statements and their unqualified report is available for inspection at the company?s registered office.



The annual general meeting of Merafe Resources? shareholders (?AGM?) will be held at the offices of the company, Building B 2nd Floor, Ballyoaks Office Park, 35 Ballyclare Drive, Bryanston at 11:00 on Thursday, 4 May 2017, for the purpose of transacting the business as outlined in the notice of AGM attached to the summarised consolidated financial statements.



The record date for shareholders to be recorded as such in the securities? register of Merafe Resources in order to be able to attend, participate and vote at the AGM is Friday, 28 April 2017. Accordingly, the last date to trade to be eligible to attend, participate and vote at the AGM is Monday, 24 April 2017.
15-Mar-2017
(Official Notice)
Shareholders of the Company are advised that the European benchmark ferrochrome price has been settled at USD154 cent per pound for the second quarter of 2017, a decrease of 6.7% from the USD165 cent per pound price in the first quarter of 2017.
07-Mar-2017
(C)
Revenue for the year soared to R5.702 billion (2015: R4.428 billion), EBITDA jumped to R1.133 billion (2015: R816 million), profit and total comprehensive income for the year rose to R532.4 million (2015: R343.5 million), while headline earnings per share grew to 21.2 cents per share (2015: 13.9 cents per share).



Declaration of ordinary dividend for the year ended 31 December 2016

The Board declared a final dividend of R100.4 million on 6 March 2017. Notice is hereby given that a gross final ordinary dividend in the amount of 4 cents per ordinary share has been declared by the Board, payable to holders of ordinary shares.



Outlook

Towards the end of 2016, the European Benchmark ferrochrome price for the first quarter of 2017 was announced as 165.00 USc/lb which is the highest quoted price since 2008. The price increase was indicative of a market still in deficit, and highlighted the positive sentiment for 2017.



Stainless steel production is projected to increase by 3.5%* and 3.8%* in 2017 and 2018 respectively, indicating strong demand prospects for ferrochrome in the short-to-medium term. The Venture is well positioned to take advantage of the increased demand.



Merafe remains on track to achieving their strategy of further reducing Merafe debt and increasing dividends.
26-Jan-2017
(Official Notice)
Merafe?s attributable ferrochrome production from the Glencore Merafe Chrome Venture for the year ended 31 December 2016 increased by 4% compared to the prior year. Production volumes were managed across the quarters of the year through timing of furnace refurbishments to optimise stock levels.



Trading statement - Basic and headline earnings per share

In terms of the JSE Ltd. Listings Requirements, issuers are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on will differ by at least 20% from those of the prior comparative period. Shareholders are therefore advised that Merafe is expecting to report the following for the year ended 31 December 2016:

* Basic earnings per share of between 20.0 cents and 23.5 cents, compared to 13.7 cents for the prior year, which is an increase of between 46% and 72%;

* Headline earnings per share of between 20.0 cents and 23.5 cents compared to 13.9 cents for the prior year, which is an increase of between 44% and 69%.



The financial results for the year ended 31 December 2016 are expected to be released on SENS on 7 March 2017.
15-Dec-2016
(Official Notice)
Shareholders of the Company are advised that the European benchmark ferrochrome price for the first quarter of 2017 has been settled at 165USc per pound, an increase of 50 percent from the 110USc per pound price in the fourth quarter of 2016.

12-Oct-2016
(Official Notice)
Merafe?s attributable ferrochrome production from the Glencore Merafe Chrome Venture for the first nine months of 2016 increased by 3% compared to the comparative 2015 period. This increase was primarily attributable to the additional production from the Project Lion II furnaces. Production volumes were managed across the first three quarters of the year through timing of furnace refurbishments to optimise stock levels.
26-Sep-2016
(Official Notice)
Fourth quarter 2016 ferrochrome price announcement shareholders of the Merafe are advised that the European benchmark ferrochrome price for the fourth quarter of 2016 has been settled at USD110c per pound, an increase of 12.2 percent from the USD98c per pound price in the third quarter of 2016.

01-Aug-2016
(C)
Revenue for the interim period grew to R2.4 billion (R2.2 billion). Earnings before interest, taxation, depreciation and impairment lowered to R256.6 million (R335.9 million). Profit and total comprehensive income for the period fell to R57.3 million (R124.3 million). In addition, headline earnings per share took a knock to 2.3 cents per share (5.0 cents per share).



Declaration of an ordinary dividend

Notice is hereby given that a gross interim ordinary dividend of R20 million (0.80 cent per share) has been declared payable, by the Board of Merafe, to holders of ordinary shares. The dividend will be paid out of reserves.



Outlook

Global stainless steel production is expected to grow by 2.8%(1) in 2016 and by 3.1%(1) in 2017, indicating increased demand prospects for ferrochrome.



With only four out of seven ferrochrome producers currently in production in South Africa, together with the Venture?s position as one of the lowest cost ferrochrome producers in the world, the Venture remains well positioned to take full advantage of this renewed positive demand outlook and market sentiment.



Merafe remains on track to achieving our strategy of reducing Merafe debt and paying stable to increasing dividends in the short term.



With no major expansionary projects in the pipeline, it is expected that from 2018 onwards free cash flow will be applied mainly to returning cash to shareholders in the form of dividends and/or share buy backs.
19-Jul-2016
(Official Notice)
Shareholders are referred to the announcement released on SENS today, 19 July 2016 and are advised of the following correction in the trading statement. The expected basic and headline earnings per share for the six months ended 30 June 2016 has been compared to the basic and headline earnings per share of 5.0 cents for the six months ended 30 June 2015, being the previously reported corresponding period.
19-Jul-2016
(Official Notice)
Merafe?s attributable ferrochrome production from the Glencore Merafe Chrome Venture (the Venture) for the six months ended 30 June 2016 increased marginally compared to the prior comparative period. Production volumes were managed across the first two quarters of the year through timing of furnace refurbishments to optimise stock levels.



The Venture?s operating capacity utilisation for the six months ended 30 June 2016 was 91% (82% of installed capacity).



2016; 2015 and % Change

Attributable ferrochrome production kt

*Quarter 1 (1 Jan to 31 March) -- 103; 99; 4%

*Quarter 2 (1 April to 30 June) -- 93; 96; (3%)

*Six months ended 30 June -- 196; 195; 1%



Trading statement

Shareholders are advised that Merafe is expecting to report the following:



Earnings per share

Basic and headline earnings per share for the six months ended 30 June 2016 of between 2.0 cents and 2.6 cents compared to 5.0 cents for the six months ended 30 June 2016, which is a decrease of between 48% and 60%.



The earnings for the six months ended 30 June 2016 were impacted by the following key period on period comparisons:

* 14% increase in ferrochrome sales volumes

* 29% weaker average Rand/Dollar exchange rate

* 23% lower net ferrochrome prices



Expected cash and debt balances ? Merafe Resources Ltd. Group

30-Jun-16 and 31-Dec-15 (R'm)

*Net cash balance -- 412; 310

*Merafe's 20.5% of the Venture's debtors facility -- (543;) (411)

*ABSA and Standard bank debt* -- (480); (560)

*Total -- (611); (661)

* On 1 July 2016, R70m of the R480m ABSA and Standard Bank debt was repaid bringing the balance to R410m. The R70m comprises of R50m being a mandatory repayment of the Term facility and R20m being a voluntary pre-payment of the Revolving Credit facility



The financial results for the six months ended 30 June 2016 are expected to be released on SENS on 1 August 2016.
22-Jun-2016
(Official Notice)
Shareholders of the company are advised that the European benchmark ferrochrome price for the third quarter of 2016 has been settled at USD98c per pound, an increase of 19.51 percent from the USD82c per pound price in the second quarter of 2016.
06-May-2016
(Official Notice)
Merafe advised its shareholders that all the ordinary and special resolutions proposed in the Notice of the AGM dated 8 March 2016 and tabled at the company?s AGM held on Thursday, 5 May 2016 were passed by the requisite majority of votes cast by shareholders.



Notice of shareholders

Notice is hereby given, in terms of section 45 of the Companies Act, 2008, as amended (?the Act?), that pursuant to the authority granted at the AGM of Merafe held on 5 May 2016, the board of directors of the company has approved, in accordance with section 45 of the Act , the provision of financial assistance to related and inter-related companies up to an amount not exceeding R1.4 billion, at any time and from time to time during the period 5 May 2016 to 5 May 2017. The total value, if utilized, will exceed 1/10th of 1% of the company?s net worth as at the date of the board resolution, being 5 May 2016.



The board has confirmed that, after considering the reasonably foreseeable financial circumstances of the company, it is satisfied that, immediately after providing such financial assistance, the company will satisfy the solvency and liquidity test, as contemplated in section 45 of the Act and detailed in section 4 of the Act; and that the terms under which such assistance is proposed to be given are fair and reasonable to the company.
05-May-2016
(Official Notice)
Shareholders are advised that Merafe will host a site visit to the Glencore-Merafe Chrome Venture?s Wonderkop smelter in the North West Province on 6 May 2016.



An overview of the Wonderkop smelter and the Bokamoso pelletising and sintering plant will be presented at the site visit. No material new information will be given during the site visit.



A copy of the presentation is now available on our website (www.meraferesources.co.za).







20-Apr-2016
(Official Notice)
Merafe's attributable ferrochrome production from the Glencore Merafe Chrome Venture (the Venture) for the first quarter of 2016 increased by 4% compared to the comparative period. This increase is primarily attributable to the additional tonnes from the Lion II furnaces which are now fully operational. The Venture?s installed capacity utilisation for the first quarter of 2016 is 87%.



24-Mar-2016
(Official Notice)
Shareholders are advised that the summarised consolidated annual financial statements of Merafe Resources for the year ended 31 December 2015, and the notice of annual general meeting have been dispatched to shareholders on Thursday, 24 March 2016.



The Integrated Annual Report, together with the consolidated annual financial statements, will also be available on the Company?s website www.meraferesources.co.za from 24 March 2016. In addition, copies of the Integrated Annual Report and the consolidated annual financial statements are available at the Company?s registered office (Building B 2nd Floor, Ballyoaks Office Park, 35 Ballyclare Drive, Bryanston) or on request from the Company Secretary. The consolidated annual financial statements contain no modifications to the audited results published on 8 March 2016.



The Company?s auditors, KPMG Inc, have audited the consolidated annual financial statements and their unqualified report is available for inspection at the Company?s registered office.



The annual general meeting of Merafe Resources? shareholders (?AGM?) will be held at the offices of the Company, Building B 2nd Floor, Ballyoaks Office Park, 35 Ballyclare Drive, Bryanston at 11:00 on Thursday, 5 May 2016, for the purpose of transacting the business as outlined in the notice of AGM attached to the summarised consolidated financial statements.



The record date for shareholders to be recorded as such in the securities? register of Merafe Resources in order to be able to attend, participate and vote at the AGM is Friday, 29 April 2016. Accordingly, the last date to trade to be eligible to attend, participate and vote at the AGM is Thursday, 21 April 2016.
18-Mar-2016
(Official Notice)
Shareholders of the Company are advised that the European benchmark ferrochrome price has been settled at 82USc per pound for the second quarter of 2016, a decrease of 10.87% from the 92USc per pound price in the first quarter of 2016.

08-Mar-2016
(C)
28-Jan-2016
(Official Notice)
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.



09-Dec-2015
(Official Notice)
Shareholders of the Company are advised that the European benchmark ferrochrome price has been settled at USD92 cent per pound for the first quarter of 2016, a decrease of 11.5% from the price in the fourth quarter of 2015.
09-Nov-2015
(Official Notice)
Shareholders are advised that Merafe management will deliver an investor presentation at the SBG Securities Metal and Mining conference on 10 November 2015. The presentation will be available on the company's website at www.meraferesources.co.za from 12pm on 9 November 2015.
19-Oct-2015
(Official Notice)
Merafe?s attributable ferrochrome production from the Glencore Merafe Chrome Venture (the Venture) for the first nine months of 2015 increased by 14.5% compared to the comparative 2014 period. This increase was primarily attributable to the additional production from the Project Lion II furnaces. The Venture?s operating capacity utilisation for the nine months ended 30 September 2015 was 85% (77% of installed capacity).
28-Sep-2015
(Official Notice)
Shareholders of the Company are advised that the European benchmark ferrochrome price has been settled at 104USc per pound for the fourth quarter of 2015, a 3.7 percent decrease from the 108USc per pound price in the third quarter of 2015.
08-Sep-2015
(Official Notice)
Shareholders of the Company are advised that the Glencore-Merafe Chrome Venture (the Venture) has successfully concluded wage negotiations with the majority unions at all of its operations. A three year agreement was signed at the Venture?s western and eastern smelters, effective 1 July 2015.



As previously announced, a three year agreement was signed at the Venture?s western mines, effective 1 July 2014. The wage agreements at all the Venture?s operations provide for increases in line with current industry trends.
04-Aug-2015
(C)
Revenue for the interim period rose to R2.223 billion (2014: R1.991 billion). EBITDA lowered to R335.9 million (2014: R431.1 million), profit and total comprehensive income for the period dropped to R124.3 million (2014: R224.7 million), while headline earnings per share decreased to 5cps (2014: 8.9cps).



Ordinary dividend for the interim period ended 30 June 2015

Notice is hereby given that a gross interim ordinary dividend of R25 million (1cps) has been declared payable, by the Board of Merafe, to holders of ordinary shares.



Outlook

Global stainless steel production for 2015 is expected to increase by 1% year-on-year, with Chinese stainless steel production expected to increase by 3.25%* over the same period. The Venture remains profitable and well positioned in the lowest quartile of the global cost curve, thanks to its suite of cost and energy efficient technologies, remaining in a healthy position to withstand current difficult market conditions, when other ferrochrome producers have been forced to cut production due to low market prices.



Furthermore, Merafe?s partnership with Glencore, one of the world?s largest diversified miners and a leader in the marketing of chrome ore and ferrochrome, further re-enforces our position in the market. Additional ferrochrome volumes from Lion II continue to play a key role in this. With Merafe's renewed strategic focus, they remain committed to reducing debt and increasing dividends in the short to medium term.
20-Jul-2015
(Official Notice)
29-Jun-2015
(Official Notice)
Shareholders of the company are advised that the European benchmark ferrochrome price has been settled at USD108c per pound for the third quarter of 2015, a rollover from the price in the second quarter of 2015.
22-May-2015
(Official Notice)
The board is pleased to announce the following changes to the composition of the board committees of the company, as set out below, with effect from 21 May 2015.



Audit and Risk Committee: Abiel Mngomezulu (independent non-executive director) has been appointed as a member. Confirmation of his appointment will be sought at Merafe?s next Annual General Meeting. Shaun Blankfield (non-executive director) will be an invitee of the committee.



Remuneration and Nominations Committee: Shaun Blankfield has been appointed as a member.



Social, Ethics and Transformation Committee: Mpho Mosweu (non-executive director) has been appointed as a member.
14-May-2015
(Official Notice)
The board of directors of Merafe announced the appointment of Shaun Blankfield as a non-executive director of the company with effect from 13 May 2015.
11-May-2015
(Official Notice)
Merafe is pleased to advise its shareholders that all the ordinary and special resolutions proposed in the Notice of the AGM (?Notice?) tabled at the Company?s AGM held on Friday, 8 May 2015 were passed by the requisite majority of votes cast by shareholders, with the exception of Ordinary Resolution number 4. Subsequent to the posting of the Notice, Mr Brian Harvey tendered his resignation from the Merafe board on 28 April 2015. Ordinary Resolution number 4 was accordingly withdrawn.



Shareholders are further advised of the developments regarding Special Resolution numbers 1.1 to 1.8 - Approval of fees payable to non-executive directors. The AGM notice outlined the proposed fees for the financial year ending 31 December 2015, which were arrived at following the consultation with independent experts regarding an appropriate fee structure.



The Board of Merafe has resolved to limit the fee increases to 5,5% on average (excluding the Audit and Risk Committee which has no fee increase), due to concerns which have been raised by certain shareholders. Accordingly the actual fees paid will be limited to this level of increase, notwithstanding that approval for the proposed fee structure as set out in the AGM notice may have been given as per the votes cast by shareholders.
29-Apr-2015
(Official Notice)
In terms of paragraph 3.83(b) of the JSE Listings Requirements and section 122(3)(b) of the Companies Act, No 71 of 2008, as amended, shareholders are advised that Royal Bafokeng Resources Holdings (Pty) Ltd. (Royal Bafokeng) has notified the Company that it has disposed of its entire 28.68% interest in the shares of the Company to Glencore (Nederland) B. V.



The transaction is not expected to have an impact on the operations or mineral rights relating to the Glencore-Merafe Chrome Venture.



Change to the Board

Shareholders are further advised that Mr Brian Harvey has resigned from the Board of Merafe with effect from 28 April 2015, as a result of Royal Bafokeng?s divestment in Merafe.
22-Apr-2015
(Official Notice)
Merafe's attributable ferrochrome production from the GlencoreMerafe Chrome Venture (the Venture) increased by 15% period on period. This increase was primarily attributable to the additional production from the Project Lion II furnaces. The ramp-up of Project Lion II continues to be on track with these furnaces already producing above 80% of operating capacity. The Venture's total operating capacity utilisation for the first quarter of 2015 was 94%.
26-Mar-2015
(Official Notice)
Shareholders are advised that the summarised consolidated annual financial statements of Merafe Resources for the year ended 31 December 2014, and the notice of annual general meeting have been dispatched to shareholders on Thursday, 26 March 2015.



The Integrated Annual Report, together with the consolidated annual financial statements, will also be available on the Company?s website www.meraferesources.co.za from 26 March 2015. In addition, copies of the Integrated Annual Report and the consolidated annual financial statements are available at the Company?s registered office (68 Wierda Road East, Sandton, 2196) or on request from the Company Secretary. The consolidated annual financial statements contain no modifications to the audited results published on 3 March 2015. Merafe?s auditors, KPMG Inc, have audited the consolidated annual financial statements and their unqualified report is available for inspection at the Company?s registered office.



The annual general meeting of Merafe?s shareholders (?AGM?) will be held at the offices of the Company?s sponsor, Merrill Lynch South Africa, 138 West Street, Sandton at 11:00 on Friday, 8 May 2015, for the purpose of transacting the business as outlined in the notice of AGM attached to the summarised consolidated financial statements.



The record date for shareholders to be recorded as such in the securities? register of Merafe Resources in order to be able to attend, participate and vote at the AGM is Friday, 30 April 2015. Accordingly, the last date to trade to be eligible to attend, participate and vote at the AGM is Wednesday, 22 April 2015.
26-Mar-2015
(Official Notice)
Second quarter 2015 ferrochrome price announcement



Shareholders of the Company are advised that the European benchmark ferrochrome price has been settled at USD108c per pound for the second quarter of 2015, a rollover from the price in the first quarter of 2015.
03-Mar-2015
(C)
Revenue for the year increased to R3.609 billion (2013: R3.497 billion). EBITDA rose to R589.3 million (2013: R561.3 million), while profit and total comprehensive income for the year was higher at R214.1 million (2013: R210.6 million). Furthermore, headline earnings per share was slightly lower at 8.4cps (2013: 10.8cps).



Dividend

The Board declared a final dividend of R20 million on 2 March 2015. Notice was given that a gross final ordinary dividend in the amount of 0.8cps has been declared by the Board, payable to holders of ordinary shares.



Outlook

Global stainless steel production is expected to grow in excess of 5%* in 2015 and 2016. The demand for ferrochrome is expected to increase by 8% and 5% in 2015 and 2016 respectively. With the Venture?s position as the lowest cost producer in South Africa, Merafe remains in a healthy position to withstand difficult global market conditions. The company's suite of energy efficient technology, further enhanced by the recent addition of Lion II, allows them to capitalise on projected growth in demand for ferrochrome. Merafe remains excited about their future in this industry.
16-Feb-2015
(Official Notice)
In terms of the JSE Ltd. Listings Requirements, issuers are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next will differ by at least 20% from those of the prior comparative period.



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 Ltd. Listings Requirements. The financial results for the year ended 31 December 2014 are expected to be released on SENS on 3 March 2015.



Shareholders are advised that Merafe is expecting to report headline earnings per share (HEPS) for the year ended 31 December 2014 of between 8.0 cents and 8.8 cents or between 19% and 26% lower, compared to 10.8 cents for the year ended 31 December 2013.



The decrease in headline earnings is primarily attributable to the accelerated depreciation arising from the scrapping of certain assets, additional depreciation arising from Project Lion II, increase in borrowing costs expensed as a result of the completion of Project Lion II, restructuring costs at Merafe head-office level and standing charges as a result of the mining division and platinum industry strikes.
30-Jan-2015
(Official Notice)
Merafe's attributable ferrochrome production from the Glencore Merafe Chrome Venture (the Venture) for the fourth quarter of 2014 was 3% higher than the 2013 corresponding period, with production levels averaging 88% of operating capacity utilisation. Higher ferrochrome production was due to the start-up of Project Lion II which was partially offset by additional planned maintenance on other furnaces operated by the Venture. Full year ferrochrome production volumes for 2014 were 5% higher than the prior year, averaging 84% of operating capacity utilisation.



The ramp-up of Project Lion II is on track and is expected to reach full capacity by mid-2015. Merafe's attributable ferrochrome sales volumes were 18% lower in the fourth quarter of 2014, compared to the 2013 corresponding period, as a result of weaker demand and logistical constraints. Full year ferrochrome sales volumes for 2014 was marginally higher than the prior year.



Employee relations and safety

Merafe is pleased to report that wage agreements were reached with the western mining employees in the fourth quarter of 2014.



The Venture?s total recordable injury frequency rate (TRIFR) increased from 3.84 in 2013 to 4.59 in 2014. This increase was primarily attributable to eleven additional injuries. Safety remains a key focus area and the Venture continues to make every effort to ensure the highest standards of safety are in place at all its operations.
24-Dec-2014
(Official Notice)
Changes to the Board of Merafe



As announced at the interim results presentation on 12 August 2014 and the Company?s SENS announcement on 12 August 2014, Ditabe Chocho, the Chief Financial Officer, will be leaving the Company on 31 December 2014.



The Board extends its thanks and appreciation for his contribution to Merafe and wishes him well in his future endeavours.



As further announced on 12 August 2014, Kajal Bissessor, the current manager for finance and investor relations has been appointed Chief Financial Officer of Merafe with effect from 1 January 2015. The Board welcomes and wishes her well in her new role..
19-Dec-2014
(Official Notice)
Shareholders of the company are advised that the European benchmark ferrochrome price has been settled at 108USc per pound for the first quarter of 2015, a decrease of 6% from the 115USc per pound price in the fourth quarter of 2014.

17-Oct-2014
(Official Notice)
Merafe's attributable ferrochrome production from the Glencore Merafe Chrome Venture ("the Venture") for the third quarter of 2014 was 14% lower than the 2013 corresponding period, with production levels at 69% of the Venture's operating capacity. This lower production was due to planned maintenance taking place during the high electricity tariff winter months of July and August, as opposed to prior year where maintenance was performed in the first half of the year, due to the Eskom buy back agreements.



The ramp-up of Lion II is on track and is expected to reach full capacity by mid-2015. Merafe's attributable ferrochrome sales volumes were 18% lower in the third quarter of 2014, compared to the 2013 corresponding period as a result of weaker demand and pricing.



Employee relations

The Venture's wage negotiations were successfully concluded at its eastern mines, eastern smelters and western smelters. Unfortunately an agreement could not be reached with the western mining employees and union representatives, as a result of which the affected employees have embarked on industrial action. Although the western mines are not operating as a result of the protected strike action, this has no impact on current ferrochrome production or sales obligations.



Safety

The Venture's total recordable injury frequency rate (TRIFR) increased to 4.30 due to five additional injuries in the first nine months of 2014, compared to the 2013 corresponding period. The Venture continues to make every effort to ensure the highest standards of safety are in place at all its operations.
30-Sep-2014
(Official Notice)
In accordance with paragraph 3.59(b) of the Listings Requirements of the JSE Ltd. and further to the announcement on 12 August 2014 advising of the departure of the company secretary of Merafe, Ami Mahendranath, shareholders are advised that Corporate Statutory Services have been appointed as company secretary with effect from 1 October 2014.



The board wishes to thank Mrs. Mahendranath for her services and extends its welcome to Corporate Statutory Services as incoming company secretary.

23-Sep-2014
(Official Notice)
Shareholders of the company are advised that the European benchmark ferrochrome price has been settled at 115USc per pound for the fourth quarter of 2014, a decrease of 3% from the 119USc per pound price in the third quarter of 2014.

15-Aug-2014
(Official Notice)
Shareholders of Merafe are advised that Ms Karabo Nondumo, a non-executive director and member of the Audit and Risk committee, has been appointed the Chairperson of the aforementioned committee.



Furthermore, Ms Belese Majova has been appointed as an additional member of the Audit and Risk committee. Ms Majova chairs the Social and Ethics committee and is also a member of the Remuneration and Nomination committee.

Both these changes in function were effective from 7 August 2014.



12-Aug-2014
(C)
Revenue increased to R1.991 billion (R1.469 billion). EBITDA increased to R422.8 million (R210.2 million). Net attributable profit soared to R224.7 million (R33.5 million). In addition, headline earnings per share increased to 8.9cps (3.8cps).



Dividend

A gross interim ordinary dividend in the amount of 1.12 cents per ordinary share has been declared by the Board of Merafe, payable to holders of ordinary shares. The dividend will be paid out of distributable reserves.



Outlook

Stainless steel production and demand is expected to increase by approximately 5.5%* per year for the next three years. The demand for ferrochrome is expected to follow suit with an increase of approximately 6%* per year for the next three years. Our suite of cost and energy efficient technology, further enhanced with the recent addition of Lion II, place us in an ideal position to significantly benefit from the projected increase in demand for ferrochrome. Furthermore, with our partnership and excellent relationship with Glencore, one of the world?s largest diversified miners and leaders in the marketing of chrome ore and ferrochrome, we are excited about the future prospects and further reinforcing our position in this industry.
30-Jul-2014
(Official Notice)
Shareholders of the Company are advised that the European benchmark ferrochrome price has been settled at USD119c per pound for the third quarter of 2014, a decrease of 2.5% from the USD122c per pound price in the second quarter of 2014.
28-Jul-2014
(Official Notice)
12-Jun-2014
(Official Notice)
The Merafe board announced the passing of Mr Mfanyana Salanje, a non-executive director of the Board. Mr Salanje passed away on Wednesday, 11 June 2014, following a short illness. Mr Salanje served on the Board and as the Chairperson of the Audit and Risk Committee, and his contribution to the Board was highly appreciated and valuable.
06-May-2014
(Official Notice)
Shareholders of Merafe (Shareholders) are advised that the ordinary and special resolutions set out in the Notice of the AGM and tabled at the company's AGM held on Tuesday, 6 May 2014, were approved by the requisite majority of Shareholders.
23-Apr-2014
(Official Notice)
Merafe's attributable ferrochrome production from the Glencore-Merafe Chrome Venture (the Venture) increased by 28% period on period. This significant increase was primarily attributable to a stronger market, the impact of the non-recurring Eskom buy-back agreements and the good performance of the Venture's furnaces. The Rustenburg smelter continues to operate efficiently due to the positive impact of the Tswelopele pelletising and sintering plant. The Venture's operating capacity utilisation for the first quarter of 2014 was 95% compared to 74% for the comparative period. Ferrochrome sales volumes for the first quarter of 2014 increased by 9% period on period.



Impact of strike action in the Platinum Industry

The ongoing strike in the Platinum Industry has resulted in reduced UG2 production and higher chrome ore input costs at the Venture's furnaces during the first quarter of 2014, as a consequence of a higher percentage of own mined ore compared to UG2.



Safety

Merafe is deeply saddened to report that an accident occurred at the Venture's Kroondal mine in Rustenburg which resulted in an employee being fatally injured. The Venture is co-operating with the Department of Mineral Resources who are conducting an investigation into the incident which occurred on 9 April 2014. The Venture is supporting the family of the deceased during this difficult time.



The Venture continues to make every effort to ensure the highest standards of safety are in place at all its operations.



The Venture's total recordable injury frequency rate (TRIFR) improved by 12% period on period to 3.65.



Update on Project Lion II

Merafe are delighted to report that production from the first furnace of our R5bn Project Lion II commenced on 6 April 2014. Ferrochrome production at the plant will ramp up gradually and it is envisaged that the smelter will be fully operational toward the middle of 2014. The project has an excellent safety record with more than 8.5 million man hours worked, without a lost time injury.



Second quarter ferrochrome price

The European benchmark ferrochrome price for the second quarter of 2014 has been settled at USD122c per pound which is an increase of 3% from the USD118c per pound price in the first quarter of 2014.
26-Mar-2014
(Official Notice)
Shareholders are advised that the Integrated Annual Report and the summarised consolidated annual financial statements of Merafe Resources for the year ended 31 December 2013, has been dispatched to shareholders on Wednesday, 26 March 2014.



The Integrated Annual Report, together with the consolidated annual financial statements, will also be available on the Company?s website www.meraferesources.co.za from 26 March 2014. The consolidated annual financial statements contain no modifications to the audited results published on 11 March 2014. The Company's auditors, KPMG Inc, have audited the consolidated annual financial statements and their unqualified report is available for inspection at the Company?s registered office.



The annual general meeting of Merafe Resources? shareholders (AGM) will be held at the Company?s offices, Block B, 1st Floor, 68 Wierda Road East, Wierda Valley, Sandton at 11:00 on Tuesday, 6 May 2014, for the purpose of transacting the business as outlined in the notice of AGM forming part of the Integrated Annual Report.



The record date for shareholders to be recorded as such in the securities? register of Merafe Resources in order to be able to attend, participate and vote at the AGM is Friday, 25 April 2014. Accordingly, the last date to trade to be eligible to attend, participate and vote at the AGM is Wednesday, 16 April 2014.

11-Mar-2014
(C)
Revenue increased to R3.5 billion (R2.5 billion). EBITDA rose to R557.7 million (R313.7 million). Net attributable profit more than quadrupled to R210.6 million (R48.9 million). In addition, headline earnings per share more than doubled to 10.8cps (5.1cps).



Outlook

The venture has performed very well through the combination of being the lowest cost producer in South Africa and its ability to negotiate favourable pricing through its partnership with Glencore. While the South African ferrochrome industry faces a number of challenges, including its market share dropping from 51% in 2003 to 32% in 2013, demand fundamentals for ferrochrome remain strong. The stainless steel industry is set to maintain a growth rate of more than 4% per annum and to meet this demand, approximately 2.5Mt of additional ferrochrome will be required by 2017. The Venture's investments in energy efficient technology will continue to provide it with a significant advantage in the ferrochrome market. The additional high quality and low cost production the venture will gain from Lion II will allow it to maintain its position as the lowest cost ferrochrome producer in South Africa and to aggressively target new customers.



Diversification remains a key part of our strategy and with no immediate major expansionary capital investment planned, Merafe looks forward to repaying debt, paying dividends and pursuing value enhancing opportunities for shareholders.
13-Feb-2014
(Official Notice)
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 2013 are expected to be released on SENS on 11 March 2014.



Shareholders are advised that Merafe is expecting to report the following for the year ended 31 December 2013:

*Basic earnings per share (EPS) of between 7.8 cents and 8.7 cents, compared to 2.0 cents for the 2012 year;

*Headline earnings per share (HEPS) of between 10.0 cents and 11.4 cents compared to 5.1 cents for the 2012 year.



The expected increase in EPS and HEPS is primarily due to higher ferrochrome and chrome ore sales volumes and the Rand weakening against the US Dollar which was somewhat offset by the lower average European benchmark ferrochrome price. HEPS is expected to be higher than EPS primarily as a result of an impairment loss recognised on the Horizon mine in the first half of 2013, as per SENS announcement dated 6 August 2013.



Update on expected cash balance and debt at 31 December 2013

Merafe is expected to close at 31 December 2013 with a net overdraft balance of R10.7m, total debt owing to ABSA Capital of R581m and R194m utilisation of the short term inventory facility.

31-Jan-2014
(Official Notice)
Merafe's attributable ferrochrome production from the Glencore-Merafe Chrome Venture (the Venture) was 32% higher year on year. This increase was as a result of higher demand, resulting in operating utilisation of 87% of the Venture's smelting capacity. Ferrochrome sales volumes for 2013 increased by 23% year on year.



Employee relations

Wage negotiations relating to all the smelters and mines were concluded and implemented during 2013. Currently, the Venture is not significantly impacted by the strikes in the platinum industry and at this stage, has adequate chrome ore supply.



Safety

The Venture's total recordable injury frequency rate (TRIFR) improved from 4.05 in 2012 to 3.84 in 2013. The Lion II Project contributed to this improvement with more than 7 million man hours worked, without any lost time injury.



Update on Project Lion II

Hot commissioning of the Venture?s Lion II smelter commenced in the last quarter of 2013 and will continue during the first half of 2014. First production has been slightly delayed mainly due to limited availability of contractors over the December holiday period as well as heavy rainfall and windy conditions in the last quarter of 2013. The overall project however remains within schedule and on budget and it is envisaged that the smelter will be fully operational toward the middle of 2014.
23-Dec-2013
(Official Notice)
Shareholders of the Company are advised that the European benchmark ferrochrome price for the first quarter of 2014 has been settled at USD118c per pound which is an increase of 5% from the USD112.5c per pound price in the fourth quarter of 2013.
24-Oct-2013
(Official Notice)
02-Oct-2013
(Official Notice)
Shareholders of the Company are advised that the European benchmark ferrochrome price for the fourth quarter of 2013 has been settled at USD112.5 cents per pound which is a rollover from the price in the third quarter of 2013.
06-Aug-2013
(C)
Revenue increased to R1.5 billion (R1.2 billion). EBITDA declined to R210.2 million (R262.9 million). Net attributable profit slumped to R33.5 million (R138.1 million). In addition, headline earnings per share fell to 3.8cps (5.5cps).



Outlook

Stainless steel production is expected to grow by 7% in 2013 and by 5% in the long-term which is expected to lead to increased demand for ferrochrome globally. Since the Tswelopele pelletising plant is in full operation, Merafe is proud to report that the Rustenburg plant is now on par with the cost performance of the other non-premus furnaces. This should enable an increase in production going forward as already evidenced by Merafe's capacity utilisation improvement in the first half of 2013. In addition, once Lion II ramps-up to full production capacity, management forecasts an improvement of 6% in total cost per tonne, across our operations. These investments in improving cost efficiencies in the group's operations leave Merafe well positioned as one of the lowest cost producers in the world. This will enable Merafe to take advantage of the increased demand for ferrochrome and grow market share. Merafe has the advantage of a strong balance sheet, low gearing, a healthy cash-flow and a partnership with Glencore, one of the world's largest and profitable mining companies.
24-Jul-2013
(Official Notice)
Shareholders are advised that Merafe is expecting to report the following results for the six months ended 30 June 2013:

*Basic earnings per share of between 1.2 cents and 1.4 cents, compared to 5.5 cents for the 2012 comparative period;

*Headline earnings per share of between 3.5 cents and 4.0 cents compared to 5.5 cents for the 2012 comparative period.



The basic earnings per share for the six months ended 30 June 2013 is lower than the comparative 2012 period primarily as a result of an impairment loss recognised. The impairment loss has arisen as a result of the Glencore-Merafe Venture (Venture) considering the sale of the Horizon mine as part of its on-going asset portfolio review and due to having sufficient ore availability. The sale of the Horizon mine, if concluded, would not impact on Merafe?s participation interest in the Venture and the proceeds from such sale would accrue to the Venture partners in accordance with their participation interests.



Update on cash balance and debt

Merafe closed with a cash balance of R47m and had long-term debt owing to ABSA Capital of R560 million at 30 June 2013. 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 six months ended 30 June 2013 are expected to be released on SENS on 6 August 2013.



Production announcement

Ferrochrome production for the first six months of 2013 was 23% higher than the comparative 2012 period. Operating capacity utilisation for the first six months of 2013 was 79% compared to 64% for the prior comparative period. This was primarily as a result of operational improvements of furnaces, additional winter month production and the impact of the successful commissioning and ramp up of the Tswelopele pelletising plant. Ferrochrome production volumes in the first half of 2013 were also impacted by the Eskom power buyback agreement as in the 2012 comparative period.



The average European benchmark ferrochrome price for the third quarter of 2013 was settled at 112.5USc per pound which was 11% lower than the 127USc per pound price in the second quarter of 2013.
05-Jul-2013
(Official Notice)
Shareholders of the company are advised that the European benchmark ferrochrome price has been settled at 112.5 USc per pound for the third quarter of 2013, a decrease of 11% from the 127 USc per pound price in the second quarter of 2013.

31-May-2013
(Official Notice)
Management advised that the Helena, Magareng and Thorncliffe mines of the Glencore-Merafe Chrome Venture (the Venture), located in the Limpopo province, have been interrupted by illegal strike action. Currently there is adequate chrome ore stock, within the Venture, to ensure that both smelter and customer demands are met. Management continues to engage with the union and employees .
23-May-2013
(Official Notice)
Merafe announced the following changes to the Remuneration and Nomination Committee of the Merafe board.



Shareholders were advised that Mr Z van der Walt, an independent non- executive director, has been appointed as the new Chairman of the Remuneration and Nomination committee with immediate effect. Mr Molefe, the outgoing chairman of the committee, will remain as a member of the Committee.
26-Apr-2013
(Official Notice)
Shareholders of the Company are advised that the ferrochrome production volumes in the first quarter of 2013 were 3% higher than the 2012 comparative period. During the first quarter of 2013, the Venture participated in the Eskom buy-back arrangements which will be effective until 31 May 2013. Although more production was surrendered in the first quarter of 2013, as a result of the Eskom buy-back arrangements, compared to the 2012 comparative period, production volumes increased as a result of improved overall performances of the Venture?s furnaces. The Rustenburg furnaces exceeded expectations in terms of production volumes and efficiencies as a result of the successful commissioning and ramp up of the Tswelopele pelletising plant.



Ferrochrome producers achieved a 13% increase in the European benchmark ferrochrome price from 112.5USc/lb in the first quarter of 2013 to 127USc/lb in the second quarter of 2013.
24-Apr-2013
(Official Notice)
Shareholders of Merafe are advised that the ordinary and special resolutions proposed at the annual general meeting held on Wednesday, 24 April 2013 were approved by the requisite majorities, with the exception of ordinary resolutions number 6 and 7. The company decided to withdraw the two ordinary resolutions regarding, placing the shares under the control of directors and issue of shares for cash, following the engagement with institutional investors.
26-Mar-2013
(Official Notice)
Shareholders of the Company are advised that the European benchmark ferrochrome price has been settled at USD127 cents per pound for the second quarter of 2013, an increase of 13% from the USD112.5 cents per pound price in the first quarter of 2013.
22-Mar-2013
(Official Notice)
Shareholders are advised that the Integrated Report which contains the annual financial statements of Merafe for the year ended 31 December 2012 was dispatched to shareholders on Friday, 22 March 2013. The annual financial statements contain no modifications to the audited abridged results which were published on 5 March 2013. The Integrated Report will also be available on the company's website www.meraferesources.co.za on 22 March 2013.



Notice of AGM

The annual general meeting of Merafe's shareholders ("AGM") will be held at Merafe's offices, Block B, 1st Floor, 68 Wierda Road East, Wierda Valley, Sandton at 11:00 on Wednesday, 24 April 2013, for the purpose of transacting the business as outlined in the notice of AGM forming part of the annual report.
05-Mar-2013
(C)
Revenue for the year ended 31 December 2012 strengthened to R2.5 billion (2011: R2.4 billion). EBITDA fell to R313.7 million (2011: R379.8 million), while profit and total comprehensive income for the year decreased to R48.9 million (2011: R116.8million). Furthermore, headline earnings per share dropped to 5cps (2011: 6cps).



Dividend

The Merafe Board decided not to declare a dividend for the 2012 financial year, taking into account expansionary projects and the projected debt and cash levels of the Group.



Outlook

Stainless steel production is expected to increase by 4%* in 2013 and by 5%* in the long term which would lead to increased growth in demand for ferrochrome globally. Given the reduced supply of ferrochrome resulting from the Eskom buy-back agreements in South Africa, coupled with improved market sentiments, we expect increased pricing going forward. Our low cost base leaves us well positioned to take advantage of the increased demand for ferrochrome. We look forward to a further strengthening of our position as the lowest cost producers in South Africa when our flagship and world class project, Lion II, comes on stream. We continue to recognise the importance of diversification and this will be a focus of the management team once project Lion II is completed.

31-Jan-2013
(Official Notice)
Shareholders were advised that Merafe is expecting to report the following for the year ended 31 December 2012:

*Basic earnings per share of between 1.7 cents and 2.0 cents, compared to 4.7 cents for the 2011 year;

*Headline earnings per share of between 4.6 cents and 5.1 cents compared to 6.4 cents for the 2011 year.



The 2012 basic earnings are lower than the prior year primarily as a result of an impairment loss recognised. The impairment loss has arisen as a result of the Xstrata-Merafe Chrome Venture ("Venture") considering the sale of certain high cost mining assets as part of its on-going cost saving initiatives and due to having sufficient ore availability. The sale of these assets, if concluded, would not impact on Merafe?s participation interest in the Venture and the proceeds from such sale would accrue to the Venture partners in accordance with their participation interests.



Update on cash balance and debt

Merafe closed with a cash balance of R83m and had long-term debt owing to ABSA Capital of R512 million at 31 December 2012. 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 Ltd. Listings Requirements. The financial results for the year ended 31 December 2012 are expected to be released on SENS on 5 March 2013.



Production announcement

Ferrochrome production during 2012 was 8% lower than the comparative period primarily as a result of weak demand and participation in Eskom?s power buy-back programme. The compensation received from Eskom for the electricity not consumed was adequate to cover the costs and lost profits on the associated volumes. Operating capacity utilisation for the 2012 year reduced to 66% compared to 72% for the prior year. The average European benchmark ferrochrome price for the first quarter of 2013 was settled at 112.5USc per pound which was 2% higher than the 110USc per pound price in the fourth quarter of 2012.
12-Dec-2012
(Official Notice)
Shareholders of the Company are advised that the Xstrata-Merafe Chrome Venture ("the Venture") has agreed to participate in Eskom's electricity buy-back programme and as a result will be temporarily closing five of its twenty furnaces at various plants in the group from 1 January 2013 until 31 March 2013. In return, Eskom will buy-back the energy not consumed by these furnaces. The ferrochrome production loss to the Venture is estimated to be 100 000 tonnes. This arrangement will be mutually beneficial to Eskom and the Venture and will not result in job losses at these furnaces.
30-Oct-2012
(Official Notice)
Merafe Resources announce the appointment of Mr Ditabe Chocho as Chief Financial Officer (CFO) of the company with effect from 2 January 2013.
17-Oct-2012
(Official Notice)
Shareholders of the company are advised that Merafe's attributable ferrochrome production in the third quarter of 2012 was 5% lower than the 2011 comparative period which was due to furnace refurbishment programmes being extended in response to soft market conditions. Ferrochrome production volumes in the nine months of 2012 were 15% lower than the 2011 comparative period mainly due to power buy-back deals with Eskom, the South African electricity supplier, to counter electricity shortages.



Ferrochrome producers settled the average European benchmark price for the third quarter at USD1.25 per pound, which was 7% lower than the second quarter price of USD1.35 per pound. Despite continued high mining inflation and increased standing charges from idle capacity, a weakening South African Rand compared to the US Dollar will offer some support to margins. As per the SENS announcement dated 4 October 2012, the fourth quarter European benchmark ferrochrome price was settled at USD1.10 per pound.



In early October 2012, the Tswelopele pelletising and sintering plant was commissioned on schedule and on budget. The plant will reach full capacity of approximately 600 000 tonnes of sintered pellets in early 2013.
04-Oct-2012
(Official Notice)
Shareholders of the company are advised that the European benchmark ferrochrome price has been settled, after negotiation with major European stainless steel producers, at USD1.10 per pound for the fourth quarter of 2012, a decrease of 12% from USD1.25 per pound in the third quarter of 2012.
07-Aug-2012
(C)
Revenue declined to R1.2 billion (R1.3 billion). EBITDA increased to R262.9 million (R206 million). Net attributable profit rose to R138.1 million (R86 million). In addition, headline earnings per share grew to 5.5c (3.5cps).



Outlook

Despite the challenges, Merafe continues to remain optimistic about the future of the business. Going forward Merafe has the advantage of a strong balance sheet, low gearing, a healthy cashflow and partnering with Xstrata, one of the world's largest diversified mining companies with a reputation for running responsible and efficient operations. The venture has the advantage of being one of the lowest-cost and most energy efficient producers of ferrochrome. The significant investment in improving the Venture's energy efficiency gives Merafe a competitive advantage and contributes to its future sustainability. The Merafe board continues to recognise the importance of diversification and this will be a major focus for the management team.
31-Jul-2012
(Official Notice)
Shareholders of the company are advised that ferrochrome production volumes in the first half of 2012 were 21% lower than the 2011 comparative period, mainly due to the rescheduling of maintenance programmes and power buyback deals with Eskom, the South African national electricity supplier, in a rather soft market. Ferrochrome production volumes at the less energy efficient furnaces were curtailed according to Eskom's requirements for consumption reductions. The compensation provided by Eskom for the electricity not consumed was adequate to cover the costs and lost profits on the associated volumes.



Ferrochrome producers achieved a 17% increase in the European benchmark ferrochrome price from USD1.15 per pound in the first quarter of 2012 to USD1.35 per pound in the second quarter of 2012, driven by reduced supply in the market. The third quarter European benchmark ferrochrome price was settled lower at USD1.25 per pound.
20-Jul-2012
(Official Notice)
Shareholders are advised that Merafe is expecting to report both basic earnings per share and headline earnings per share of between 5.2 cents and 5.7 cents for the six months ended 30 June 2012. This compares with both basic earnings per share and headline earnings per share of 3.5 cents for the prior comparative period which represents an increase of between 49 percent and 63 percent. Update on cash balance and debt At 30 June 2012 Merafe closed with a cash balance of R80 million and had long-term debt of R300 million. The financial results for the interim period ended 30 June 2012 are expected to be released on SENS on 7 August 2012.
29-Jun-2012
(Official Notice)
Shareholders of the company are advised that the European benchmark ferrochrome price has been settled at USD1.25 per pound for the third quarter of 2012, a decrease of 7% from the USD1.35 per pound price in the second quarter of 2012.
26-Jun-2012
(Official Notice)
Shareholders of the company are advised that the Xstrata-Merafe Chrome Venture will be operating, on average, eight out of twenty furnaces for the winter months of June, July and August 2012. Ferrochrome production for the winter months is envisaged to be in the region of 40% to 50% of installed capacity.
29-May-2012
(Official Notice)
Notification was given that Stuart Elliot will be stepping down as chief executive officer ("CEO") of Merafe Resources to pursue his personal interests, with effect from 31 May 2012. Zanele Matlala, the company's current chief financial officer ("CFO"), has been appointed CEO with effect from 1 June 2012. The company is embarking on a recruitment exercise to find a suitable replacement for the CFO position and accordingly, an announcement will be made following such appointment. Until a suitable candidate has been appointed, Zanele will also be fulfilling the CFO role in an acting capacity.
04-May-2012
(Official Notice)
Shareholders are advised that at the annual general meeting ("AGM") of Merafe shareholders held on Friday, 4 May 2012, all ordinary and special resolutions contained in the relevant notice of the AGM were duly passed by the requisite majority votes.
02-May-2012
(Official Notice)
Shareholders of the company are advised that ferrochrome production volumes in the first quarter of 2012 were 21% lower than the 2011 comparative period, mainly due to the re-scheduling of maintenance programmes and power buy-back deals with Eskom, the South African national electricity supplier, in a rather soft market. As per SENS announcement dated 30 March 2012, a total of seven furnaces were impacted by Eskom's requirements for consumption reductions to support their maintenance programmes. Ferrochrome producers achieved a 17% increase in the European benchmark ferrochrome price from USD1.15 per pound in the first quarter of 2012 to USD1.35 per pound in the second quarter of 2012, driven by reduced supply in the market. Margins, however, remain under pressure as a result of continued higher mining inflation, increased standing charges and a relatively strong Rand compared to the US Dollar.
11-Apr-2012
(Official Notice)
Shareholders of the company are advised that the European benchmark ferrochrome price has been settled at USD1.35 per pound for the second quarter of 2012, an increase of 17% from the USD1.15 per pound price in the first quarter of 2012.
02-Apr-2012
(Official Notice)
Merafe announced the appointment of a new sponsor to the company, Merrill Lynch South Africa (Pty) Ltd., with effect from 1 April 2012.
30-Mar-2012
(Official Notice)
Further to the announcement dated 17 February 2012, shareholders are advised that the Xstrata-Merafe Chrome Venture ("the venture") has amended the agreement with Eskom to assist with the power utility's power supply requirements. The key features of the amendments are:

* The venture will temporarily close an additional two of its furnaces until 31 May 2012;

* In return, Eskom will buy-back the energy not consumed by these two additional furnaces until 31 May 2012;

* The additional two temporary furnace closures, which will be effective from 1 April 2012 until 31 May 2012, will have a net positive economic impact for both the Venture and Eskom and will not result in job losses at these two furnaces.



The additional two temporary furnace closures will be at the venture's Wonderkop smelter and Lydenburg smelter. Therefore, as a result of the power buy-back arrangement with Eskom, inclusive of the above amendments, a total of seven furnaces will be temporarily closed, four at the Rustenburg smelter, two at the Wonderkop smelter and one at the Lydenburg smelter. The total ferrochrome production loss to the venture as a result of the seven temporary furnace closures is estimated to be 130 000 tonnes, an additional 30 000 tonnes resulting from the two further temporary furnace closures.
30-Mar-2012
(Official Notice)
Shareholders were advised that the annual report which contains the annual financial statements of Merafe Resources for the year ended 31 December 2011 ("the annual financial statements") will be dispatched to shareholders on Friday, 30 March 2012. The annual financial statements contain no modifications to the audited abridged results which were published on 6 March 2012. The annual report will be available online at www.meraferesources.co.za on 30 March 2012.



The annual general meeting of Merafe shareholders will be held at Fairlawns Hotel, 1 Alma Road (off Bowling Avenue), Morningside Manor, Ext 6 Sandton at 11:00 on Friday, 4 May 2012, for the purpose of transacting the business as outlined in the notice of annual general meeting forming part of the annual report. The board of directors has determined, in accordance with Section 59 of the Companies Act No 71 of 2008 that the record date for shareholders to be recorded as such in the securities register of Merafe Resources in order to be able to attend, participate and vote at the annual general meeting is Thursday, 26 April 2012. The last date to trade to be able to attend, participate and vote at the annual general meeting is Thursday, 19 April 2012.
06-Mar-2012
(C)
Revenue for the year ended 31 December 2011 weakened to R2.4 billion (2010: R2.6 million). EBITDA fell to R379.8 million (2010: R529.8 million), while profit and total comprehensive income for the year more than halved to R116.8 million (2010: R278.7 million). Furthermore, headline earnings per share dropped to 6cps (2010: 11cps).



Dividend

No dividend was declared.
17-Feb-2012
(Official Notice)
Further to the announcement dated 14 February 2012, shareholders are advised that the Xstrata-Merafe Chrome Venture ("the Venture") has reached an agreement with Eskom to assist with the power utility's power supply requirements. The key features of this arrangement are:

*The Venture will temporarily close five of its furnaces until 31 May 2012;

*In return, Eskom will buy-back the energy not consumed by these five furnaces until 31 May 2012;

*The arrangement, which is effective from 18 February 2012 until 31 May 2012, will have a net positive economic impact for both the Venture and Eskom and will not result in job losses at these five furnaces.



Four of the temporary furnace closures will be at the Venture`s Rustenburg smelter, which is currently the Venture`s least energy efficient operation, and one furnace will be temporarily closed at the Wonderkop smelter. As shareholders are aware, the completion of the pelletising and sintering plant ("Project Tswelopele") at the Rustenburg smelter in the second half of 2012, will improve the energy efficiencies at the Rustenburg smelter. As a result of the arrangement with Eskom, the ferrochrome production loss to the Venture is estimated to be 100,000 tonnes.
14-Feb-2012
(Official Notice)
Shareholders are referred to the announcement released earlier today and are advised that the Xstrata-Merafe Chrome Venture ("the Venture") is currently in discussions with Eskom in order to assist Eskom with their immediate power supply requirements. A further announcement will be made once these discussions are concluded. Contractual commitments to the Venture's customers for the second quarter of 2012 will not be affected as these contracts will be serviced from existing ferrochrome stock.
14-Feb-2012
(Official Notice)
Shareholders of the company are advised that the Xstrata-Merafe Chrome Venture ("the Venture") is currently in discussions with Eskom in order to assist the Venture with its immediate power requirements. A further announcement will be made once these discussions are concluded. Contractual commitments to the Venture's customers for the second quarter of 2012 will not be affected as these contracts will be serviced from existing ferrochrome stock.
31-Jan-2012
(Official Notice)
Shareholders of the company are advised that in the second half of 2011, scheduled maintenance during the high electricity tariff winter months and subsequent weaker market conditions, compounded by industrial action, resulted in reduced production at our ferrochrome smelters. Installed capacity utilisation reduced to an average of 65% for 2011 and production volumes were 12% lower compared to 2010. Ferrochrome production volumes were adversely affected by industrial action during the second half of the year, resulting in production facilities running at a reduced capacity for thirty eight days. The average European benchmark ferrochrome price for 2011 of USD1.25 per pound remained at a similar level compared to 2010. Due to weaker demand for stainless steel, the European benchmark ferrochrome price for the first quarter of 2012 was settled at USD1.15 per pound which was USD0.05 per pound lower than the price in the fourth quarter of 2011, as per the SENS announcement dated 21 December 2011.
25-Jan-2012
(Official Notice)
Shareholders are advised that Merafe is expecting to report the following for the year ended 31 December 2011:

* Basic earnings per share of between 5 cents and 6 cents, compared to 11 cents for the prior comparative period;

* Headline earnings per share of between 6 cents and 7 cents compared to 11 cents for the prior comparative period.



Update on cash balance and debt

At 31 December 2011, Merafe closed with a cash balance of R220 million. Merafe signed agreements with ABSA Capital during December 2011 to secure a long-term debt facility of R800 million which includes refinancing of its existing R300 million long-term debt and funding for Project Lion II. At 31 December 2011, Merafe had long-term debt of R300 million. The financial results for the year ended 31 December 2011 are expected to be released on SENS on 6 March 2012.
21-Dec-2011
(Official Notice)
Shareholders of the company are advised that the European benchmark ferrochrome price has been settled at USD1.15 per pound for the first quarter of 2012, a decrease of 4% from the USD1.20 per pound price in the fourth quarter of 2011.
18-Oct-2011
(Official Notice)
In the third quarter of 2011, weaker market conditions and scheduled maintenance during the high electricity tariff winter months, resulted in an operating capacity utilisation of 52%. Ferrochrome production was 18% lower in the third quarter of 2011, compared to the 2010 comparative period. The fourth quarter European benchmark ferrochrome price was settled at USD1.20 per pound, a rollover from USD1.20 per pound in the third quarter of 2011, as per SENS announcement dated 12 October 2011.
17-Oct-2011
(Official Notice)
Shareholders were advised that Merafe management will deliver presentations on the company in San Francisco, San Diego, Los Angeles and Boston during week beginning 17 October 2011. The presentation can be viewed at www.meraferesources.co.za on the home page and the investors + media centre tab.
12-Oct-2011
(Official Notice)
Shareholders of the company are advised that the European benchmark ferrochrome price has been settled at USD1.20 per pound for the fourth quarter of 2011, a rollover from USD1.20 per pound in the third quarter of 2011.
29-Sep-2011
(Official Notice)
Merafe is hosting a site visit today for institutional investors to its Lion ferrochrome plant in Limpopo Province. No new trading information will be disclosed on the site visit. The site visit slide presentation will be available on the home page and the Investor and media tab (under 'Presentations') of Merafe's website at www.meraferesources.co.za



For further information, please contact:

Kajal Bissessor

Investor Relations Manager

011 783 4780
01-Jul-2011
(Official Notice)
In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, the board of directors of Merafe announce the appointment of Mr Zed van der Walt as independent non-executive director to the board with effect from 1 July 2011.

08-Jun-2011
(Official Notice)
Shareholders were advised that Merafe management will deliver presentations on the company in New York and Boston from 8 June 2011 to 10 June 2011. The presentation can be viewed at www.meraferesources.co.za (investors + media centre tab).
03-Jun-2011
(Official Notice)
04-May-2011
(Official Notice)
Shareholders of the company were advised that Merafe's attributable production of ferrochrome for the first quarter of 2011 is 82 000 tonnes, equivalent to 91% of operating capacity. Ferrochrome producers achieved an 8% increase in the European benchmark price from USD1.25 per pound in the first quarter of 2011 to USD1.35 per pound for the second quarter of 2011, offset by the strong rand against the US dollar and overall cost pressures that are at levels well above inflation. Various furnaces will undergo routine maintenance during the winter months of June 2011, July 2011 and August 2011. The Xstrata-Merafe chrome venture annually chooses this period to conduct maintenance at its furnaces to mitigate the higher than average winter electricity supply tariffs. The venture will operate on average at 65% of operating capacity during the winter months.
14-Apr-2011
(Official Notice)
Shareholders are advised that all the ordinary resolutions proposed in the notice to shareholders, dated 25 February 2011, were passed by the requisite majority at the annual general meeting of the company held at 11:00 on Thursday, 14 April 2011.
23-Mar-2011
(Official Notice)
Shareholders are advised that the annual report which contains the annual financial statements of Merafe Resources for the year ended 31 December 2010 ("the annual financial statements") will be dispatched to shareholders. The annual financial statements contain no modifications to the audited abridged results which were published on 1 March 2011. The annual report will be available online at www.meraferesources.co.za on 24 March 2011. The company's auditors, KPMG Inc, have audited the annual financial statements and their unqualified report is available for inspection at the company's registered office. The annual general meeting of Merafe shareholders will be held at 1st Floor, Block B, Sandton Place, 68 Wierda Road East, Wierda Valley, Sandton, at 11:00 on Thursday, 14 April 2011, to transact the business as stated in the notice of annual general meeting forming part of the annual report.
23-Mar-2011
(Official Notice)
Shareholders of the company are advised that the European benchmark ferrochrome price has been settled at USD1.35 per pound for the second quarter of 2011, an increase of 8% from USD1.25 per pound in the first quarter of 2011.
02-Mar-2011
(Official Notice)
The board of directors of Merafe (the "board") announced that Ms Mpho Mosweu has been appointed as non-executive director to Merafe with immediate effect. Ms Mosweu was nominated by the Industrial Development Corporation of South Africa ("IDC") as the replacement for Mr Tlamelo Ramantsi, who resigned from the IDC and in accordance with IDC policy, resigned from the board of Merafe in November 2010.
01-Mar-2011
(C)
Revenue increased from R1.8 billion to R2.6 billion in 2010. EBITDA increased to R530 million (Loss of R100 million). Profit attributable to ordinary shareholders rose to R279 million (Loss of R152.3 million). Headline earnings per share increased to 11cps (Headline loss per share of 6cps).



Dividend

A final dividend of 2 cps was declared for the period under review.



Prospects

In 2011, stainless steel production and world consumption of ferrochrome is anticipated to grow by over 8%, including a 13% increase in demand for ferrochrome from China. Ferrochrome prices are forecast to trade at higher levels in 2011 underpinned by demands from increased stainless steel production. Restricted supply of electricity in South Africa has resulted in the postponement of a number of planned ferrochrome projects over the next five years. The positive outlook for ferrochrome together with the strong cash position of the company have enabled Merafe`s Board to declare a dividend of 2 cents per share in respect of the financial year ended 31 December 2010.
01-Feb-2011
(Official Notice)
Ferrochrome production increased by 48% year on year in response to market recovery and improved demand, following the suspension of up to 80% of operational capacity in 2009. The average operating capacity utilisation rate rose to 74% of installed capacity in 2010 compared to 50% in 2009, as the full impact of restarting previously suspended furnaces was offset by scheduled maintenance. Ferrochrome producers achieved a 46% increase in the average European benchmark ferrochrome price in 2010 compared to 2009, however, margins remained under pressure due to the continued strengthening of the South African Rand against the US Dollar. Lower stainless steel demand in the second half of 2010, resulted in a decrease of 5USc per pound in the European benchmark ferrochrome price for the first quarter of 2011 to USD1.25 per pound, closing the gap between the contractual and spot prices that existed throughout 2010.
27-Jan-2011
(Official Notice)
Shareholders are advised that Merafe is expecting to report earnings per share and headline earnings per share of between 10 cents and 12 cents for the year ended 31 December 2010. This compares with a loss per share and headline loss per share of 6 cents for the prior comparative period.



Update on cash balance and debt

At 31 December 2010, Merafe closed with a healthy cash balance of R321 million after paying a dividend and secondary tax on companies of R53 million and repaying R50 million of long-term debt during the year. Merafe had R300 million long-term debt at 31 December 2010. The financial results for the year ended 31 December 2010 are expected to be released on SENS on 1 March 2011.
22 Dec 2010 08:32:32
(Official Notice)
Shareholders are referred to the announcement made on SENS dated 20 October 2010 in which Merafe informed its shareholders about its right to participate in Lion II, the construction of a 360 000 tonne per annum ferrochrome smelter in Steelpoort, Limpopo, at cost and in accordance with its current participation interest of 20.5% in the Xstrata-Merafe Chrome Venture ("the Chrome Venture"), subject to the conclusion of appropriate agreements. In addition to the above, Merafe has the right to simultaneously increase its interest above 20.5% in Lion II and the Chrome Venture, up to 26%. Shareholders are advised that Merafe and its partner, Xstrata SA (Pty) Ltd, are in discussions in this regard, which if successfully concluded, will result in the parties entering into appropriate agreements.
17 Dec 2010 08:33:54
(Official Notice)
Shareholders of the company are advised that the European benchmark ferrochrome price has been settled at USD1.25 per pound for the first quarter of 2011, a decrease of 4% from the USD1.30 per pound price in the fourth quarter of 2010.
01 Dec 2010 16:03:59
(Official Notice)
In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, the board of Directors of Merafe announce the appointments of Mr Gerald Mfanyana Salanje and Ms Karabo Tshailane Nondumo as independent non-executive directors with effect from 1 December 2010.
22 Nov 2010 16:14:41
(Official Notice)
The board of directors of Merafe announced the resignation of Mr Tlamelo Ramantsi with effect from 19 November 2010.
09-Nov-2010
(Official Notice)
Shareholders were advised that Merafe management together with Heinz H Pariser (Alloy Metals and Steel Market Research Expert), will deliver presentations on ferrochrome and its related industries in Johannesburg and Cape Town on 9 and 10 November 2010 respectively. The presentation will be available on the company's website at www.meraferesources.co.za from 8:30 am on 9 November 2010.
20-Oct-2010
(Official Notice)
Shareholders are referred to the announcement by Xstrata plc of the construction of Lion II, a 360,000 tonne per annum ferrochrome smelter in Steelpoort, Limpopo. Merafe has the right, in terms of its agreement with Xstrata, to participate in Lion II at cost and in accordance with its participation interest (20,5%) which is expected to be R1 billion. Should Merafe decide to participate in 20.5% of Lion II, it is expected that the majority of the financing will be sourced from future internal cash flows with the balance from loan financing. Merafe will be assessing Lion II and an announcement regarding the company's participation in the project will be made by the end of the year.

19-Oct-2010
(Official Notice)
Ferrochrome production was 7% lower in the third quarter of 2010 compared to the same period in 2009 to maintain optimum stock levels. Scheduled maintenance typically conducted during the high winter tariff months for electricity, resulted in an average operating capacity utilisation of 64%. Ferrochrome producers settled the third quarter European benchmark price at USD1.30 per pound and achieved a roll-over European benchmark price of USD1.30 per pound for the fourth quarter. The continued strengthening of the South African rand, currently trading at a three year record high against the US dollar and rising mining inflation in South Africa continue to exert pressure on margins.
12-Oct-2010
(Official Notice)
Shareholders are advised that Merafe management will deliver presentations on the company in New York and Boston from 12 October 2010 to 14 October 2010. The presentation will be available on the company's website at www.meraferesources.co.za from 9:00am on 12 October 2010.
27 Sep 2010 12:38:40
(Official Notice)
Shareholders of the company are advised that the European benchmark ferrochrome price has been settled at USD1.30 per pound for the fourth quarter of 2010, a rollover from the USD1.30 per pound price in the third quarter of 2010.
09 Sep 2010 14:02:17
(Official Notice)
The board of directors of Merafe ( announce the appointment of Mr Abiel Mngomezulu as an independent non-executive director with effect from 9 September 2010. The board also announces the resignation of Mr Mzila Mthenjane, who was the Royal Bafokeng Holdings (Pty) Ltd ("RBH") appointee to the board, as non-executive director with effect from 9 September 2010, following his transfer from RBH to Royal Bafokeng Platinum.

10 Aug 2010 09:10:44
(Media Comment)
According to Business Report, Merafe Resources had enough ore sources to mitigate the impact of a government order preventing Lonmin from selling associated minerals, the company said on Friday. Merafe, which is operating a ferrochrome joint venture with Xstrata, purchases chromine ore concentrate from Lonmin and has a contract with Lonmin for the construction of a chrome recovery plant. "The venture has sufficient flexibility and adequacy of ore sources to mitigate any impact in the short to medium term," Merafe said in a statement.
06 Aug 2010 09:04:36
(Official Notice)
Shareholders are referred to the announcement released by Lonmin plc ("Lonmin") on 5th August 2010 regarding the letter they received from the Department of Mineral Resources which contained an order refraining Lonmin from selling any associated minerals, including Chrome, other than Platinum Group Metals with immediate effect.



The Xstrata-Merafe Chrome Venture("the Venture") currently purchases chromite ore concentrate from Lonmin and it was announced on 2 March 2010 that the Venture had signed a contract with Lonmin for the construction of a chrome recovery plant to treat the current tailings from UG2 concentrators at Lonmin's Marikana operations. The purchase of the chromite concentrate produced by the chrome recovery plant is only expected to commence in 2011.



The Venture has sufficient flexibility and adequacy of ore sources to mitigate any impact in the short to medium term and the Venture will review its longer term sourcing strategy only once there is clarity on the outcome of this matter. The decision to go ahead with the construction of the recently announced Project Tswelopele will not be affected. A further announcement will be made once finalisation on this matter has been reached.

03 Aug 2010 07:54:27
(C)
Revenue rose to R1.2 billion (R824.1 million). EBITDA jumped dramatically to R322.4 million (loss of R74.7 million). Net attributable profit soared to R188.7 million (loss of R84.2 million). In addition, headline earnings on a per share basis grew to a profit of 7cps (loss of 3cps).



Outlook

Demand for ferrochrome in the third quarter of 2010 has been impacted by lower nickel prices, the traditionally slow third quarter for stainless steel melt production, driven by seasonally weak demand in Europe and the US and exacerbated by the measures taken by the Chinese government to reduce growth to more sustainable levels. Despite the slowdown in demand currently being experienced, management believes this is of a short term nature. Ferrochrome inventory levels remain low at approximately ten to twelve weeks as South African capacity has been reduced due to maintenance programmes being undertaken, in response to higher winter electricity tariffs. Continued global economic growth coupled with the lack of any new ferrochrome capacity coming on stream in the immediate future should support a recovery in demand in the final quarter of 2010 and into 2011.
27 Jul 2010 08:03:39
(Official Notice)
Shareholders of Merafe are advised that in response to rising demand, ferrochrome production for the Xstrata-Merafe Chrome Venture (the Venture) for the first half of 2010 was 149% higher than the same period in 2009. The strengthening of the Rand against the US Dollar coupled with the electricity price increases in South Africa enabled ferrochrome producers to achieve a 35% increase in the European benchmark ferrochrome price from USD1.01 per pound in the first quarter of 2010 to USD1.36 per pound in the second quarter of 2010. On 2 July 2010 Merafe announced that the European benchmark ferrochrome price was settled at USD1.30 per pound for the third quarter of 2010, a decrease of 4% from the second quarter of 2010.
20 Jul 2010 09:31:50
(Official Notice)
Shareholders are referred to the directive issued by the department of mineral resources ("DMR") in the North West region instructing mining companies to review the code of practice applying to the bord-and-pillar mining method. On Monday, 19 July 2010, the DMR met with representatives from mining companies including the Xstrata-Merafe chrome venture ("the venture") and after a positive and constructive meeting it was agreed that all mines affected by the directive would make individual presentations to the inspectorate. The venture will therefore make a detailed presentation to the inspectorate after taking all recommendations into consideration. The venture's mining operations will continue as planned in the interim.
15 Jul 2010 08:16:33
(Official Notice)
Shareholders are advised that Merafe is expecting to report earnings per share and headline earnings per share of between 7 and 8 cents for the six months ended 30 June 2010. This compares with a loss per share and headline loss per share of 3 cents for the prior comparative period. The financial results for the six months ended 30 June 2010 are expected to be released on SENS on 3 August 2010.
05 Jul 2010 08:48:10
(Media Comment)
Business Day highlighted that Merafe Resources traded higher after the expected slight decrease in the third quarter ferrochrome price. The price decrease was because of measures taken by China to rein in economic growth and ongoing uncertainty in Europe. Ferrochrome is the key ingredient in the manufacture of stainless steel and its price is related to the health of the steel sector.



Merafe CEO Stuart Elliot warned in a London road show presentation at the beginning of last month that the third quarter outlook for the stainless steel market was gloomy because of concern about the sovereign debt in a number of European countries coinciding with efforts by Chinese authorities to slow economic growth. Elliot further added that ferrochrome stocks were at historic lows, a strike by Transnet workers had created a backlog and stainless steel production was expected to pick up in the fourth quarter.
02 Jul 2010 09:23:59
(Official Notice)
Shareholders of Merafe Resources are advised that the European benchmark ferrochrome price has been settled at USD1.30 per pound for the third quarter of 2010, a decrease of 4% from USD1.36 per pound in the second quarter of 2010.
31 May 2010 09:42:48
(Official Notice)
Merafe Resources announced the appointment of Ms Joyce Matlala as chief financial officer ("CFO") with effect from 1 October 2010. Ms Matlala was appointed as an independent non-executive director to the board of directors ("the board") in 2005.
12 May 2010 17:11:32
(Official Notice)
Shareholders of the company are advised that the Xstrata-Merafe Chrome Venture has declared force majeure to its ferrochrome customers due to the ongoing strike at Transnet. Developments on the strike will be constantly monitored and a full assessment of the impact of the strike on the supply of ferrochrome can only be completed once the level of participation becomes clear.
12 May 2010 14:58:46
(Official Notice)
Shareholders are advised that Stuart Elliot, the company's Chief Executive Officer, is and will continue to act as Chief Financial Officer (CFO) until the appointment of the new CFO has been finalised.
07 May 2010 16:05:17
(Official Notice)
Merafe announced that at the annual general meeting of Xstrata plc held in Zug, Switzerland on 5 May 2010 Dr Con Fauconnier was elected as a non- executive director of that company and as a consequence he has elected to resign from the Merafe Resources board of directors in order to avoid a potential conflict of interest, given the existing substantial joint venture in ferrochrome between Xstrata and Merafe.



Further to the announcement released on SENS on 10 March 2010 wherein it was advised that Merafe would be appointing a new CFO prior to 31 March 2010, the company's board wish to advise Merafe shareholders that they are still in discussions with the CFO designate. An announcement will be released on SENS once the appointment has been finalised.
05 May 2010 08:07:57
(Official Notice)
Shareholders of the company are advised that ferrochrome production for the Xstrata-Merafe chrome venture (the venture) rebounded strongly during the first quarter of 2010 in response to rising demand. This resulted in an increase in the venture's ferrochrome production of 316% for the first quarter of 2010 compared to the same period in 2009. The European benchmark ferrochrome price has increased by 35% from USD1.01 per pound in the first quarter of 2010, to USD1.36 per pound in the second quarter. This increase was set against the continued strengthening of the rand against the US dollar and electricity price increases.
13 Apr 2010 14:09:06
(Official Notice)
Shareholders are advised that the special resolution and all of the ordinary resolutions proposed in the notice to shareholders, dated 26 February 2010, were passed by the requisite majority at the annual general meeting of the company held at 11:00 on Tuesday, 13 April 2010. The special resolution will now be lodged with the companies and intellectual property registration office for registration.
01 Apr 2010 08:33:50
(Official Notice)
Shareholders of Merafe Resources were advised that the European benchmark ferrochrome price had been settled at USD1.36 per pound for the second quarter of 2010, an increase of 35% from USD1.01 per pound in the first quarter of 2010.
10 Mar 2010 13:02:08
(Official Notice)
Steve Phiri will be stepping down as the Chief Executive Officer of Merafe Resources with effect from 31 March 2010 but will continue as a non-executive director of the company. Stuart Elliot, the company's current Chief Financial Officer (CFO) will become the new Chief Executive Officer (CEO) with effect from 1 April 2010.
02 Mar 2010 09:27:38
(C)
Revenue decreased from R2.7 billion to R1.8 billion in 2009.(Loss)/profit before tax decreased to R218.4 million (2008:R1.4 billion).(Loss)/profit attributable to ordinary shareholders decreased to -R152.3 million (R1.0 billion). Headline earnings on a per share basis decreased to -6 cps (42cps).



Dividends per share

A final dividend of 2 cps was declared for the period under review.



Prospects

Although the first quarter of 2010 has seen a slight reduction in the European benchmark ferrochrome price of 2% to 101 USc/lb, ferrochrome prices are expected to increase during 2010. The limited availability of power from Eskom, access to financing as well as the large capital cost, have acted and will continue to act as barriers to any planned expansions by South African ferrochrome producers or new entrants for at least the next three years. At the same time China is expected to continue to be the fastest growing stainless steel producing market globally, driving strong demand for ferrochrome. This bodes well for the outlook for ferrochrome both in the short-term and the medium to long-term. Global stocks of ferrochrome are at approximately 10 weeks consumption, and due to the forecast strong demand for ferrochrome in 2010 South African ferrochrome producers are currently operating at 85% of capacity with the Venture operating 19 of the 20 furnaces. Despite the challenges of 2009, Merafe continued to maintain its strong cash position with R463 million cash on hand at the end of 2009. Strong cash flows were generated during the difficult operating environment of 2009, from the unwinding of finished goods inventory. While the strong Rand continues to impact on earnings, Merafe's balance sheet remains strong and the company continues to be well poised going forward. The Venture continues in its endeavours to constantly improve efficiencies and contain costs, thereby retaining its position as one of the lowest cost ferrochrome producers globally. The positive outlook for ferrochrome together with the strong cash position of the company have enabled Merafe's board to declare a maiden dividend of 2 cps in respect of the financial year ended 31 December 2009 as well as repaying R50 million of the long-term debt on 31 March 2010. Details of the dividend are set out below.
01 Feb 2010 09:12:01
(Official Notice)
Shareholders of the company were advised that ferrochrome production for the Xstrata-Merafe Chrome Venture (the "venture") for the year ended 31 December 2009 decreased by 30% compared to the previous comparative period. This arose as a result of the suspension of up to 80% of production capacity in late 2008 and early 2009 in response to the rapid decline in market conditions. Production was progressively increased during the year from 20% of annual capacity in early January to approximately 85% by year end, in line with improving demand. The strengthening of the Rand against the US Dollar during 2009 continued to exert pressure on margins and together with improving demand, enabled ferrochrome producers to achieve a 30% increase in the ferrochrome price from USD0.79 per pound in the first quarter of 2009 to USD1.03 per pound in the fourth quarter of 2009.



Ferrochrome production attributable to Merafe for 2009 was as follows:

Attributable production (kt): 203

Indicative average published price (USCents 85.0 (USD)/lb) (metal bulletin)
25 Jan 2010 08:32:42
(Official Notice)
Shareholders are advised that Merafe is expecting to report a loss per share and headline loss per share of between 6 and 7 cents for the year ended 31 December 2009. This compares with earnings and headline earnings per share of 42 cents for the prior comparative period. The loss arose primarily as a result of low ferrochrome prices and a strong Rand.



Update on cash balance and debt

During the past period of global economic uncertainty, Merafe has managed its working capital effectively and closed the year with a cash balance of R425 million. Merafe had R350 million long-term debt at 31 December 2009. Shareholders are advised that the financial information on which this trading statement is based has not been reviewed or reported on by Merafe's auditors.
17 Dec 2009 08:12:08
(Official Notice)
First quarter ferrochrome price announcement shareholders of the company are advised that the European benchmark ferrochrome price has been settled at USD1.01 per pound for the first quarter of 2010, 2 US cents down from USD1.03 per pound in the fourth quarter of 2009.
20 Oct 2009 08:42:54
(Official Notice)
Shareholders of the company are advised that ferrochrome production for the Xstrata-Merafe Chrome Venture for the first nine months of 2009 was 47% lower than the same period in 2008 as a result of the temporary suspension of up to 80% of production capacity, as announced in early 2009. In response to improved demand, furnace production has been restored to 85% of the Venture's total capacity.
05 Oct 2009 08:34:31
(Official Notice)
Shareholders of the company are advised that the European benchmark ferrochrome price has been settled at USD1.03 per pound for the fourth quarter of 2009, an increase of 16% from USD0.89 per pound in the third quarter of 2009.
04 Aug 2009 08:17:45
(C)
Revenue declined by almost half to R824.1 million (R1.6 billion) for the six months ended 30 June 2009. EBITDA became a loss of R74.7 million (profit of R893.6 million) and a net attributable loss of R84.2 million (profit of R602.5 million) was recorded. In addition, the headline loss on a per share basis amounted to 3cps (profit of 25cps).



Dividend

No dividend has been declared.



Outlook

*Recovery of global stainless steel production likely to continue

*Stainless steel production for 2010 estimated at 29.6 million tonnes, a 13.8% increase y-on-y

*Ferrochrome production capacity is estimated at an average of 75% for 2010

*16% increase in European benchmark ferrochrome price in Q4'09 to USD1.03/lb

*Xstrata-Merafe's ferrochrome order book full until end 2009

*Size and flexibility of the Venture provide an advantage

*Xstrata-Merafe's retention of its skilled labour force has proved very beneficial

*Merafe well positioned to deliver into growth

*Strong balance sheet with cash on hand
13 Jun 2008 08:02:59
(Official Notice)
Merafe previously announced that it was considering its option to acquire a 50% stake in the 49.998% interest that Sentula Mining Ltd (Sentula) had acquired in the Koornfontein Coal Mine (Koornfontein). After careful consideration Merafe has decided not to exercise its option to acquire the 50% of the 49.998% in Koornfontein.
29 Apr 2008 15:37:19
(Official Notice)
Shareholders are advised that all of the ordinary resolutions proposed in the notice to shareholders, dated 20 March 2008, were passed by the requisite majority at the annual general meeting of the company held at 11:00 on Tuesday, 29 April 2008.
09 Apr 2008 12:04:42
(Official Notice)
Shareholders are advised that the annual financial statements of Merafe for the year ended 31 December 2007 were dispatched to shareholders on 07 April 2008 and contain no modifications to the audited abridged results which were published on 3 March 2008. The annual general meeting will be held at 1st Floor, Block B, Sandton Place, 68 Wierda Road East, Wierda Valley, Sandton, at 11:00 on Tuesday, 29 April 2008.
03 Apr 2008 09:05:08
(Official Notice)
Merafe Resources is pleased to announce that not only has it been ranked the second most empowered company on the JSE in the Financial Mail, Top Empowerment Companies, 2008, it has also been ranked number one in the Resources sector of the same survey. These ratings are based on a ranking of ownership, management, employment and socio-economic development. This is the fifth annual Financial Mail, Top Empowerment Companies survey in which the company has participated. Merafe was also placed first in the Resources sector in 2006 and seventh in 2007.
03 Mar 2008 07:55:05
(C)
Merafe`s income is generated from the Xstrata-Merafe Chrome Venture (the Venture), the market leader in ferrochrome, with a total managed capacity of 1.96 million tonnes of ferrochrome production per annum. Merafe shares in 20.5% of the earnings before interest, taxation, depreciation and amortisation (EBITDA) from the Venture. Merafe`s earnings from the Venture increased significantly from the twelve month comparative period, primarily as a result of an increase in the average base price of ferrochrome from 70 USc/lb in 2006 to 89 USc/lb in 2007 and as a result of Merafe`s share of saleable ferrochrome production increasing from 239 000 tonnes in 2006 to 284 000 tonnes in 2007. The increase in saleable ferrochrome production was attributable to the Lion Ferrochrome smelter ramping up production during 2007 and the resumption of furnaces that were temporarily suspended during 2006.



Dividends

No dividend was declared for the period under review.



Prospects

The outlook for ferrochrome prices in 2008 remains positive. Stainless melt is forecast to increase by over 10% to 32 million tonnes in 2008. While stainless steel production is set to slow down in the first quarter of 2008 due to production cuts in China, Chinese production is expected to recover during the course of the year, increasing by approximately 12% over 2007 levels. Demand for stainless steel in Europe and America has started to recover in the first quarter of 2008, albeit at a slower rate. Merafe has converted R350 million of amortising debt into a five year debt facility with a local bank. This will allow Merafe to focus on repaying the R120 million preference shares and R147 million owing to Xstrata during 2008. The board believes that 2008 will be an excellent year for its ferrochrome business.
29 Feb 2008 14:25:06
(Official Notice)
Merafe notified its shareholders of the following changes to the board:

*Ms Lebo Mogotsi has resigned as independent non-executive director, with effect from 28 February 2008.

*Merafe's Technical Director, Mr Zed van der Walt has retired with effect from 29 February 2008 after seven years with the company

*the appointment of Dr CJ Fauconnier as an independent non-executive director with effect from 1 March 2008.
30 Jan 2008 13:30:32
(Official Notice)
Merafe announced on Friday, 25 January 2008 that it had reduced the electricity load across all the Xstrata-Merafe Chrome Venture furnaces in response to a request by Eskom to reduce electricity demand to the minimum possible. Merafe advises that, following a meeting between Eskom and key customers yesterday, the effect on the Xstrata-Merafe Chrome Venture is as follows:

*power supply at all operations will be increased to a maximum of 80% of normal power consumption with immediate effect;

*power supply at all operations is expected to increase to 90% of normal power consumption on Friday, 1 February 2008;

*the restoration of the remaining 10% is entirely dependent on the success of a nationwide recovery plan presented to major industrial and local government users.

Merafe is currently reviewing their operations to ensure that they maximise production in the most efficient and cost effective manner.
28 Jan 2008 10:30:56
(Official Notice)
Merafe advises that, in response to a request by Eskom to key industrial customers in South Africa to reduce electricity demand to the minimum possible, Merafe has accordingly reduced load across the Xstrata-Merafe Chrome Venture ferrochrome furnaces. The request is due to a number of planned and unplanned outages at Eskom.
18 Jan 2008 14:33:11
(Official Notice)
Merafe's share of EBITDA from the Xstrata-Merafe Chrome Venture for the year ended 31 December 2007 is expected to be between R485 million and R510 million from attributable saleable production of 284 000 tonnes of ferrochrome. After accounting for interest, depreciation and corporate costs, Merafe expects to make a net profit before tax of between R350 million and R375 million. After accounting for a deferred tax expense, Merafe expects to make a net profit after tax for the year ended 31 December 2007 of between R240 million and R265 million resulting in earnings per share and headline earnings per share of between 10c and 11c for year ended 31 December 2007. The net profit after tax for the year ending 31 December 2007 is therefore expected to increase by between 73% and 91% from the R139 million reported for the year ended 31 December 2006, and the earnings per share and headline earnings per share are expected to increase by between 67% and 83% from the 6 cents reported for the year ended 31 December 2006. The 31 December 2007 results were achieved at an average ferrochrome base price of USD89c/lb versus the current Q1 2008 base price of USD12c/lb. The Xstrata-Merafe Chrome Venture's sales for the next twelve months to 31 December 2008 are expected to be higher than the sales recorded for the twelve months ended 31 December 2007. Shareholders are advised that the above information has not been reviewed or reported on by Merafe's auditors. The results for the year ended 31 December 2007 are expected to be released on SENS on or about 3 March 2008.
06 Dec 2007 09:17:30
(Official Notice)
Deutsche Bank today announced its appointment as depositary bank for the Level 1 American Depositary Receipt (ADR) program of Merafe.
28 Nov 2007 07:53:59
(Official Notice)
Merafe announced that it has been identified as one of the 14 best performers on the JSE SRI Index this year. 72 companies were assessed this year and of these, 57 have successfully made it on to the 2007 index.
05 Oct 2007 08:33:29
(Official Notice)
Scharrig Mining, the coal partner of Merafe, has announced the acquisition of 49.998% of the Koornfontein Coal Mine in Mpumalanga for R150 million from Investec Bank and Coronation Capital. The remaining 50.002% of equity is owned by a consortium led by Siyanda Resources. The share purchase is subject to inter-alia JSE and regulatory approvals and is expected to become unconditional during November 2007. In line with the agreement contained in the Merafe Coal joint venture between Merafe Resources and Scharrig Mining, 50% of the purchased stake is being offered to Merafe Resources on a first option basis. The company is currently considering this option and shareholders will be advised of the outcome in due course.
27 Sep 2007 08:26:34
(Official Notice)
Merafe announced it was in discussions with Xstrata with regard to Merafe's option to participate in Project Bokamoso. Shareholders are advised that an agreement in this regard has been reached and Merafe will participate in 20.5% (its proportionate share in the Xstrata-Merafe Chrome Venture) of Project Bokamoso.
21 Sep 2007 15:41:53
(Official Notice)
The ordinary resolution proposed in the Notice to Shareholders, dated 05 September 2007, was passed by the requisite majority at the general meeting of the company held at 11:00 on Friday, 21 September 2007.
18 Sep 2007 11:26:26
(Official Notice)
Shareholders are advised that, the Company gave a presentation at the Nedsec Midcap Conference in Cape Town, a copy of which is available on the company's website (www.meraferesources.co.za). The salient features of the presentation are:

* All 20 furnaces now in production

* Venture?s sales to the Far East up from 21% to 41% (mainly due to China from 0% in 2006 to 20% in 2007)

* Chinese stainless steel production currently estimated at 6.8 million tonnes with projections of 10 million tonnes by 2010

* Ferrochrome demand expected to grow slightly ahead of stainless steel demand

* Ferrochrome prices expected to remain strong for the remainder of the year and in 2008

* Reduction of Merafe debt to R350 million in 2008

* Facility secured with no capital repayments for five years
07 Aug 2007 07:47:51
(C)
In the comparative six month period, Merafe recorded a net loss of R27.8 million, mainly due to weak ferrochrome prices and a strong Rand. The first half of 2007 showed an increase in the ferrochrome price, a comparatively weaker Rand and some operations that had been temporarily shut down were re-started, resulting in increased production. Merafe`s share of EBITDA from the Venture for the six month period ended 30 June 2007 was R197.1 million from attributable saleable ferrochrome production of 139 000 tonnes (30 June 2006: 85 000 tonnes). After accounting for corporate costs of R13.4 million and a share-based payment expense of R0.4 million, the group's EBITDA was R183.3 million. The net profit after tax for the first half of 2007 is R89.8 million after taking into account a deferred tax expense of R42.6 million.



Dividends

No dividend was declared.



Prospects

The increase in production of ferritic grades and low nickel-bearing grades, together with continued strong ferrochrome demand from China, bodes well for ferrochrome demand for the remainder of the year. This will compensate for the stainless steel production slow down in the third quarter, caused by a number of stainless steel mills cuts in austenitic output, due to the impact of previous strong nickel prices and very recently, by the decline in nickel prices and its knock-on effect on high nickel-bearing stainless steel prices. A further ferrochrome price increase of 18USc/lb has already been announced for the third quarter resulting in a base price of USD1/lb. Merafe`s share of the attributable sales and EBITDA from the Venture for the second half of 2007 is expected to be more than the attributable sales and EBITDA for the first half of 2007.
26 Jul 2007 16:13:47
(Official Notice)
All of the special and ordinary resolutions proposed were passed by the requisite majority at the annual general meeting on Thursday, 26 July 2007. It was decided that Ordinary Resolution Number 1 - Control of authorised but unissued shares be limited to 10% of the authorised but unissued share capital of the company. The special resolutions will be lodged with the Registrar of Companies for registration.
12 Jul 2007 17:33:31
(Official Notice)
In the prior comparative period, Merafe recorded a net loss of R28 million for the six months ended 30 June 2006 resulting in a net loss per share and headline loss per share of 1.2c. Merafe's share of EBITDA from the Xstrata-Merafe Chrome Venture for the six month period ending 30 June 2007 is expected to be between R190 million and R200 million from attributable saleable production of 139 000 tonnes of ferrochrome. After accounting for corporate costs, interest and depreciation, Merafe expects to make a net profit before tax for the six month period ending 30 June 2007 of between R130 million and R140 million. After accounting for a deferred tax expense of R45 million, Merafe expects to make a net profit after tax for the six month period ending 30 June 2007 of between R85 million and R95 million resulting in earnings per share and headline earnings per share of between 3.6c and 4.0c for the six month period ending 30 June 2007. Long-term borrowings are expected to reduce by R160 million at 30 June 2007 from 31 December 2006. Due to the ramp-up of production at the Lion Ferrochrome smelter, Merafe's share of attributable sales for the next six months to 31 December 2007 are expected to be more than the attributable sales recorded for the six months ending 30 June 2007. Shareholders are advised that the above information has not been reviewed or reported on by Merafe's auditors. The results for the six months ended 30 June 2007 are expected to be released on SENS on or about 7 August 2007.
21 Jun 2007 08:57:06
(Official Notice)
Merafe and Scharrig Mining Ltd ("Schamin") announced the formation of a 50/50 joint venture called Merafe Coal. The transaction, based on the maximization of the combined value of their respective existing coal resources in Mpumalanga, will provide the platform for future growth opportunities in the sector. Merafe Coal will be focused on coal mining and related services.
20 Jun 2007 17:34:05
(Official Notice)
Merafe announced on SENS on 19 June 2007 that the annual financial statements for the twelve months ended 31 December 2006 will be distributed to shareholders on Friday, 29 June 2007 and listed the individual modifications that were made to the reviewed results for the same period. Merafe is required to publish the audited results at 31 December 2006 in full, which incorporate those modifications.
19 Jun 2007 17:17:14
(Official Notice)
With regard to the audited results for the twelve months ended 31 December 2006, shareholders are advised that the annual financial statements will be distributed to shareholders on Friday, 29 June 2007 and will contain modifications to the reviewed results, which were released on SENS on Tuesday, 6 March 2007. The annual financial statements were audited by KPMG Inc. Their audit report is available for inspection at the company's registered office.



The 20th annual general meeting of Merafe's shareholders will be held at the registered office of the company, First Floor, Block B, 68 Wierda Road East; Wierda Valley on Thursday, 26 July 2007 at 11:00 to transact the business as stated in the annual general meeting notice forming part of the annual financial statements.
05 Jun 2007 10:06:10
(Official Notice)
Ms Meryl Mamathuba has been appointed as a non-executive director to Merafe with immediate effect.
19 Mar 2007 11:18:17
(Official Notice)
Shareholders are advised that Mr Qinisani Mbatha, a non-executive director, who was the representative of the Industrial Development Corporation of South Africa Ltd on the board of directors of Merafe, has resigned with immediate effect, as a result of him resigning from the IDC. The IDC will nominate a replacement representative of the IDC to the board in due course.
09 Mar 2007 07:36:43
(Official Notice)
Mr Mzila Isaac Mthenjane, a nominee of Royal Bafokeng Holdings (Pty) Ltd ("RBH") which holds 31% of Merafe shares, has been appointed to the board of directors of Merafe with immediate effect. Mr Mthenjane is presently the investment manager at RBH. Prior to joining RBH, Mr Mthenjane, a mining engineer by profession, was employed by Deutsche Securities in the corporate finance division.
06 Mar 2007 08:28:14
(C)
Merafe`s income is generated from the Xstrata-Merafe Chrome Venture, the market leader in ferrochrome with a total managed capacity of 1.96 million tonnes of ferrochrome per annum. Merafe shared in 17% of the earnings before interest, taxation, depreciation and amortisation (EBITDA) from the venture for the six months to 30 June 2006. Merafe`s share of the EBITDA increased to 20.5% for the six months to 31 December 2006. During the first half of the year, a net loss of R27.8 million was incurred (loss per share of 1 cent), mainly due to weak ferrochrome prices and a strong Rand. The net profit after tax during the second half of the year was R188 million (earnings per share of 8 cents) after taking into account the recognition of a deferred tax asset of R49.7 million. Merafe`s attributable saleable production of ferrochrome from the venture was 239 742 tonnes and the EBITDA includes corporate costs of R22 million.



Dividend

No ordinary dividend was declared for the year ended 31 December 2006.



Prospects

Strong stainless melt production is expected to continue, with China anticipated to further increase stainless production in 2007. The venture will show increased sales into China in 2007. As a result, the momentum gained during 2006 in ferrochrome demand is set to continue into at least the first half of 2007. Longer term, stainless steel demand is forecast to grow at approximately 6% per annum, which should result in similar growth in global ferrochrome demand. Merafe will for the first time account for the 20.5% of EBITDA from the venture for a full 12 months and the 20.5% of the Lion Ferrochrome production in 2007. This, coupled with ferrochrome prices and the Rand/US dollar at their current levels, means that Merafe should show meaningful profits in 2007. Cashflows will continue to be used to reduce gearing levels and Merafe still has unredeemed capex in excess of R1 billion.
28 Nov 2006 16:45:58
(Official Notice)
Merafe recorded a net loss of R27 million for the six months ended 30 June 2006 resulting in a net loss per share and headline loss per share of 1.2c for the first half of the year. Merafe expects to make a net profit after tax of between R151 million and R159 million for the remaining six months to 31 December 2006 resulting in earnings per share and headline earnings per share of between 6.6c and 6.9c for the second half of the year. The net profit after tax for the year ending 31 December 2006 is therefore expected to increase by between 197 % and 217 % from the R41.7 million reported for the 12 months ended 31 December 2005 to between R124 million and R132 million. This will represent earnings per share and headline earnings per share of between 5.4c and 5.8c compared to 3.05c in the prior comparative period. The results for the year ended 31 December 2006 are expected to be released on SENS on or about 6 March 2007.
24 Nov 2006 11:54:37
(Official Notice)
Tlamelo Joshua Ramantsi has been appointed to the board of directors of Merafe with immediate effect. Mr Ramantsi has been nominated by the Industrial Development Corporation of South Africa as the replacement representative for Mr William Feke Mthembu, who resigned from the board on 23 August 2006.
23 Aug 2006 14:53:04
(Official Notice)
Mr William Feke Mthembu, who was the representative of the Industrial Development Corporation of South Africa Ltd ("IDC") on the board of directors of Merafe, has resigned from the board with immediate effect. The IDC will nominate a replacement representative of the IDC to the board in due course.
02 Aug 2006 08:51:28
(C)
24 Jul 2006 15:04:47
(Official Notice)
Shareholders are advised that, at the annual general meeting of Merafe Resources held today, Monday 24 July 2006 at 11:00, all the ordinary resolutions contained in the notice of annual general meeting were approved by the requisite majority of shareholders present or represented by proxy.
17 Jul 2006 15:41:10
(Official Notice)
The company announced on 2 March 2006 that it expected to make a loss for the six months to 30 June 2006. The net loss after tax for the six month period ended 30 June 2006 is expected to be between 1.2c and 1.4cs headline loss per share and loss per share. The comparative headline earnings per share and earnings per share for the six months to 30 June 2005 were 2.62c. The reviewed results for the six months ended 30 June 2006 are expected to be released on SENS on or about 2 August 2006.
30 Jun 2006 14:12:57
(Official Notice)
With regard to the audited results for the twelve months ended 31 December 2005, the annual financial statements were distributed to shareholders on Friday, 30 June 2006 and contain modifications to the reviewed results, which were released on SENS on Thursday, 2 March 2006.



The annual general meeting will be held on Monday, 24 July 2006.
05 Apr 2006 16:53:19
(Official Notice)
Guy Clarke, who was the representative of the Industrial Development Corporation ("IDC") on the board of directors of Merafe, has resigned from the IDC and, in accordance with the IDC practice, has resigned from the board of directors of the company. The IDC has nominated William Feke Mthembu as the replacement representative of the IDC to the board of directors of Merafe. These changes to the board of directors are effective immediately.



Mr Mthembu holds a B.Proc degree and a H.Dip (Company Law). Mr Mthembu was previously, inter alia, a director of the South African Bureau of Standards, a director of Edward Nathan Friedland and a partner of Werksmans. Mr Mthembu is presently the chairman of the Khula Enterprises Private Equity Fund Investment Committee and a non-executive director of the Professional Provident Insurance Company. The directors of Merafe welcome Mr Mthembu to the board of directors and look forward to his contribution.





02 Mar 2006 11:05:44
(C)
Revenue grew by 22.33% to R614.6 million (R502.4 million) while net profit after tax increased by 101.25% to R41.7 million (R20.7 million). Headline earnings per share increased by 82.63% to 3.05c (1.67c). The first half of 2005 was characterised by strong growth in stainless steel melt, which accounts for approximately 80% of global ferrochrome consumption, and in ferrochrome demand. As a result, ferrochrome prices rose to USD78c per pound in Q2 2005. In the second half, stainless steel stocks began to build, particularly in China, as high nickel prices impacted demand for stainless steel, leading to a slow-down in stainless steel melt production. While globally, stainless steel melt production in 2005 continued at a similar level to the previous year in Europe, stainless steel melt declined by an estimated 4.8% to 8.3 million tonnes in 2005. Demand for ferrochrome continued to grow year-on-year, albeit at a slower rate than in the first half of the year, by around 3.6%, bringing global demand to 5.7 million tonnes, up from 5.5 million tonnes in 2004, primarily due to increased production of ferritic grade stainless steel.



Dividend

No ordinary dividend has been declared by the directors of Merafe for the twelve months ended 31 December 2005.



Future prospects

The 19% decline in the ferrochrome base price from USD78c per pound in Quarter 2, 2005, to USD63c per pound in Quarter 1, 2006, coupled with the rand strengthening by 12% against the US dollar during the same period, will place severe downward pressure on the EBITDA from the Xstrata-Merafe Chrome Venture in the first half of 2006. After accounting for corporate costs, interest, preference share dividends and depreciation and assuming current Rand:USD exchange rates, the company is expected to make a loss for the 6 months to 30 June 2006. However, a recovery in the second half is expected as both stainless steel melt production and ferrochrome demand gain momentum, with China again anticipated to drive this growth. Having consolidated and grown the company's ferrochrome business during the year under review, the board intends giving effect to the company's previously announced diversification strategy in the year ahead.
08 Dec 2005 10:31:19
(Media Comment)
Business day noted that due to a pessimistic short-term outlook for the ferrochrome price, Imara SP Reid has changed its recommendation of Merafe from add to hold.
14 Nov 2005 09:19:27
(Official Notice)
It was announced on SENS on Friday, 7 October 2005 that Merafe would proceed with a fully underwritten renounceable rights offer. Merafe undertook the rights offer in order to raise R553 981 968 by offering for subscription 1 007 239 942 Merafe shares to Merafe shareholders or their renouncees at 55 c per offer share in the ratio of 813 offer shares for every 1 000 Merafe shares held on the record date for the rights offer. Merafe shareholders were not entitled to apply for a greater number of offer shares than those offered to them in terms of the rights offer. The results of the rights offer, which closed at 12:00 on Friday, 11 November 2005, are set out below:

*Offer shares subscribed for in terms of the rights offer -- 939 105 349 (93.2%)

*Offer shares subscribed for by the underwriters in terms of their underwriting commitments 68 134 593 (6.8%)

*Total offer shares available for subscription in terms of the rights offer -- 1 007 239 942 (100%)
07 Oct 2005 16:26:51
(Official Notice)
04 Oct 2005 11:53:32
(Official Notice)
Shareholders are advised that further to the announcement released on SENS on 30 September 2005, the company has resolved to amend the basis of the proposed capital raising as stated in the aforementioned announcement. Merafe will no longer undertake a renounceable claw-back offer but proposes to undertake a fully underwritten renounceable rights offer ("the rights offer") to its shareholders of approximately R550 million to fund, inter alia, the Wonderkop acquisition and its participation in Project Lion as previously announced on 10 August 2005. The rights offer is conditional upon approval by the JSE and registration by the Registrar of Companies of the necessary documentation relating to the rights offer. A detailed finalisation announcement setting out the key terms and dates of the rights offer will be released on SENS and published in the press in due course.
30 Sep 2005 14:20:48
(Official Notice)
Merafe proposes to undertake a renounceable claw-back offer to shareholders of approximately R550 million to fund, inter alia, the Wonderkop acquisition and its participation in Project Lion as previously announced on 10 August 2005. The claw-back offer is conditional upon approval by the JSE and registration by the Registrar of Companies of the necessary documentation relating to the claw-back offer. A detailed finalisation announcement setting out the key terms and dates of the proposed claw-back offer will be released on SENS and published in the press in due course.
08 Sep 2005 15:35:51
(Official Notice)
The South African Competition Authorities has approved the Wonderkop acquisition on an unconditional basis. The acquisition remains subject to Merafe obtaining the necessary funding required in terms of the agreement for the Wonderkop acquisition. Obtaining the funding will be conditional upon the approval by the JSE of the necessary documentation relating to the capital raising. A further announcement will be made to inform shareholders once the above condition precedent has been fulfilled.

10 Aug 2005 09:53:34
(Official Notice)
Guy Clarke has been appointed as a non-executive director of the company with effect from 5 August 2005. Mr Clarke is an Executive Vice President of the Industrial Development Corporation and his qualifications include a BSc Civ. Eng. (Natal), Msc Civ. Eng (Wits), MBA (Stellenbosch) and HDip Tax (Unisa). Dr Todor Vlajcic and Reinier Meyjes have resigned as non-executive directors of the company with effect from 5 August 2005.
10 Aug 2005 09:50:17
(C)
Merafe`s current source of income is generated from its chrome venture with Xstrata SA (Pty) Ltd (`the Xstrata-Merafe Chrome Venture`), which became effective on 1 July 2004 and reinforced the merged entity as the market leader with a total managed capacity of 1.4 million tonnes of ferrochrome per annum. Merafe shared in 11% of the earnings before interest, tax, depreciation and amortisation (`EBITDA`) from the Xstrata-Merafe Chrome Venture until 30 June 2005. Merafe`s share of the EBITDA from the Xstrata-Merafe Chrome Venture increased to 14% from 1 July 2005 and will increase to 17.5% from 1 July 2006 onwards. Following the Wonderkop acquisition, Merafe`s share of the EBITDA will increase by a further 3% and, as a result, the 14% will increase to 17% on the effective date of the Wonderkop acquisition and the 17.5% will increase to 20.5% from 1 July 2006.



The company changed its year end from March to December in 2004 and therefore do not have any direct comparison to the previous interim results. Revenue totalled R296m and EBITDA was R67.3m. After accounting R4.2m for depreciation; R19.9m for net interest paid and R9.7m for preference dividends, the net profit after tax was R32.4m. Earnings and headline earnings were 2.62cps. Merafe`s 11% share of attributable saleable production was 64 860 tonnes. Corporate costs for this six-month period were R9m and included costs relating to the acquisition of Wonderkop of R2m. The average Rand:USD exchange rate during this six-month period was R6.22: USD1. No dividend was declared for the period.
26 Jul 2005 17:39:02
(Official Notice)
Shareholders are referred to the announcement released on SENS and published in the press on 4 May 2005 relating to the Wonderkop acquisition and are accordingly advised that at the general meeting of Merafe held at 10:00 on 26 July 2005, all the ordinary and special resolutions contained in the notice of general meeting were approved by the requisite majority of shareholders present or represented by proxy.



The acquisition is still subject to a number of remaining conditions precedent, being:

*the obtaining by the parties of all governmental and other regulatory approvals necessary for the conclusion and implementation of the Wonderkop acquisition, including but not limited to any necessary Competition Commission approvals; and

*Merafe obtaining the necessary funding required in terms of the agreement for the Wonderkop acquisition.



A further announcement will be made to inform shareholders once the above conditions precedent have been met.
21 Jul 2005 16:05:49
(Official Notice)
Shareholders are advised that, at the annual general meeting of Merafe held on 21 July 2005, all the ordinary resolutions contained in the notice of annual general meeting were approved by the requisite majority of shareholders present or represented by proxy.

24 Jun 2005 08:23:24
(Official Notice)
Shareholders are advised that:

*Merafe`s 11% share of earnings before interest, tax, depreciation and amortisation (`EBITDA`) from the Xstrata-Merafe Chrome Venture for the six month period ending 30 June 2005 is expected to increase by between 19% and 23% to between R71m and R74m compared to the R60m reported for the nine months ended 31 December 2004. Shareholders are reminded that Merafe`s share of the EBITDA from the Xstrata-Merafe Chrome Venture increases from 11% to 14% on 1 July 2005;

*after accounting for corporate costs, interest and depreciation, Merafe`s net profit after tax for the six month period ending 30 June 2005 is expected to increase by between 400% and 450% from the R5.5m reported for the nine months ended 31 December 2004 to between R22m and R25m (representing between 1.8c and 2.0c headline earnings per share and earnings per share; and

*the long-term borrowings of R395m at 31 December 2004, are expected to be reduced by R30m at 30 June 2005.



This trading statement has not been reviewed or reported on by the company`s auditors. Merafe `s will release its interim results for the six months ended 30 June 2005 on or about 10 August 2005.





Planned maintenance of furnaces

Merafe also confirms the planned temporary suspension of ferrochrome production at seven furnaces at the Boshoek, Rustenburg - Wonderkop operations of the Xstrata-Merafe chrome venture. The temporary suspension of production is required to conduct maintenance on the furnaces and have been planned for the South African winter months when electricity demand and power costs are at their peak. It is anticipated that five of the furnaces will be brought back into operation after the winter period. A decision regarding the timing of the return to production of the remaining two furnaces will be made in the second half of 2005, taking account of prevailing ferrochrome demand. As a consequence, planned production of the Xstrata-Merafe chrome venture is expected to reduce by up to 78 000 tonnes in 2005, representing some 5% of annual production capacity.
21 Jun 2005 15:48:47
(Official Notice)
With regard to the audited results for the nine months 31 December 2004, shareholders are advised that the annual financial statements were distributed to shareholders on Friday, 17 June 2005 and contain no modifications to the reviewed results, which were released on SENS on Wednesday, 2 March 2005. The annual general meeting will be held on Thursday, 21 July 2005.
29 Nov 2004 08:39:28
(Permanent)
South African Chrome - Alloys Ltd (SA Chrome) changed its name to Merafe Resources Ltd with effect from the commencement of trading on 29 November 2004.
03-Jul-2018
(X)
The Company, through its wholly owned ultimate subsidiary, Merafe Ferrochrome and Mining (Pty) Ltd. (Merafe Ferrochrome) and through a pooling and sharing venture with Glencore Operations South Africa (Pty Ltd. (Glencore), participates in chrome mining and the beneficiation of chrome ore into ferrochrome. The Glencore-Merafe Chrome Venture (Venture) operates five ferrochrome smelters, 22 ferrochrome furnaces and eight mines, situated in the North-West, Limpopo and Mpumalanga provinces of South Africa. Merafe Ferrochrome?s share of the earnings before interest, taxation, depreciation and amortisation (EBITDA) is 20.5%. The Venture comprises assets to which both Glencore and Merafe Ferrochrome have granted the right of use.


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