To view the PDF file, sign up for a MySharenet subscription.

MERAFE RESOURCES LIMITED - Fourth Quarter Report

Release Date: 30/01/2015 09:00
Code(s): MRF     PDF:  
Wrap Text
Fourth Quarter Report

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


Fourth quarter report


1. Key production and sales indicators


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.




                                               Q4         Q4          Full year        Full year
                                              2014       2013              2014            2013
Attributable ferrochrome
production (kt)                                92         89               334             319
Attributable ferrochrome sales (kt)            85        104               316             314
Average European benchmark
ferrochrome price (USc/lb) (Metal
Bulletin)                                    115.0       112.5             118.5           116.1
Average Rand / Dollar Exchange
rate                                          11.2        10.2             10.8            9.6


2. Employee relations and safety


We are 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.

30 January 2015

Sandton

Sponsor:
Merrill Lynch South Africa Proprietary Limited

Date: 30/01/2015 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story