MERAFE RESOURCES LIMITED - Production Announcement for the First Quarter of 2013

Production Announcement for the First Quarter of 2013

Merafe Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1987/003452/06)
JSE share code: MRF
ISIN: ZAE000060000
(“Merafe” or “the Company”)


Production announcement for the first quarter of 2013

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.



                                             Three months    Three months        Year ended
                                                    ended           ended      31 December
                                            31 March 2013   31 March 2012              2012
 Attributable production (kt)                      67                  65               242
 Indicative average published ferrochrome
 price (USc/lb) (Metal Bulletin)                 112.5               115.0           121.25


Sandton
26 April 2013

Sponsor:
Merrill Lynch South Africa Proprietary Limited

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