MRF - Merafe Resources Limited - First quarter 2012 ferrochrome production

MRF - Merafe Resources Limited - First quarter 2012 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")                                                     
First quarter 2012 ferrochrome production                                       
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 $1.15 per pound in the first quarter of 2012 to $1.35 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.                                                                  
                          Three months    Three months     Year ended   31      
                          ended           ended            December 2011        
31 March 2012     31 March 2011                       

Attributable production (kt)   65          82                                   
                                                           263                  
Indicative average published   115.0       125.0            125.0               
ferrochrome price (USc/lb)                                                      
(Metal Bulletin)                                                                
Sandton                                                                         
2 May 2012                                                                      
Sponsor: Merrill Lynch South Africa Proprietary Limited                         
Date: 02/05/2012 08:30:01 Supplied by www.sharenet.co.za                     
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