MRF - Merafe Resources Limited - Second quarter 2011 ferrochrome production

MRF - Merafe Resources Limited - Second quarter 2011 ferrochrome production     
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")                                                     
Second quarter 2011 ferrochrome production                                      
Ferrochrome production volumes decreased by 4% in the first half of 2011        
compared to the comparative period due to a number of furnace refurbishments    
that were brought forward to the first half of 2011. The refurbishment          
activities largely focussed on the more efficient Premus furnaces, resulting in 
lower efficiencies and increased production costs.                              
Ferrochrome producers achieved an 8% increase in the benchmark price from $1.25 
per pound in the first quarter to $1.35 per pound in the second quarter, set    
against the continued strengthening of the Rand against the US Dollar and       
electricity price increases in South Africa. The third quarter benchmark price  
was settled at $1.20 per pound in early July 2011, reflecting reduced stainless 
steel demand, particularly in Europe and China.                                 
Six months       Six months    Year ended 31         

                           ended            ended         December 2010         
                           30 June 2011     30 June 2010                        
                                                                                
Attributable production (kt)      150        157           300                  
Indicative average published      130.0      118.5         124.3                
ferrochrome price (USc/lb)                                                      
(Metal Bulletin)                                                                
Sandton                                                                         
26 July 2011                                                                    
Sponsor : Deutsche Securities (SA) (Proprietary) Limited                        
Date: 26/07/2011 08:30:02 Supplied by www.sharenet.co.za                     
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