MERAFE RESOURCES LIMITED - Impact of Eskom load curtailment on the companys operations and trading update

Impact of Eskom load curtailment on the company’s operations and trading update

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”)

IMPACT OF ESKOM LOAD CURTAILMENT ON THE COMPANY’S OPERATIONS AND TRADING
UPDATE

Shareholders of the Company (“Shareholders”) are advised that the decision by Eskom to initiate stage
4 (four) and 6 (six) load shedding, alongside the challenging economic environment, is expected to
have a negative impact on the future economic viability of some of the Company’s operations and the
wider ferroalloys sector in South Africa.

The Company, via the Glencore Merafe Chrome Venture (“Business”), has made major investments
over the last 10 (ten) years to modernise the operations in the face of rising operating and employment
costs, exacerbated by the recent introduction of the carbon tax.

The Business continues to engage with all stakeholders to determine what measures can be
implemented to help alleviate the significant external pressures facing the industry.

Further updates will be provided to Shareholders, as appropriate.

Sandton
10 December 2019

Sponsor
One Capital

Date: 10-12-2019 05:00:00
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