Production report and voluntary trading statement for the six months ended 30 June 2018
Merafe Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1987/003452/06)
JSE share code: MRF
PRODUCTION REPORT AND VOLUNTARY TRADING STATEMENT FOR THE SIX
MONTHS ENDED 30 JUNE 2018
Merafe's attributable ferrochrome production from the Glencore Merafe Chrome Venture (“Venture”)
for the first six months of 2018 decreased by 2.3% compared to the previous period.
Six months Six months
30 June 2018 30 June 2017
Attributable ferrochrome production (kt) 211 216
Voluntary Trading Statement
Basic and headline earnings per share
Shareholders are advised that Merafe is expecting to report basic earnings per share and headline
earnings per share of between 16.0 cents and 18.0 cents for the six months ended 30 June 2018,
compared to 19.4 cents for the previous comparative period, which amounts to a decrease of between
7.2% and 17.5%.
The decrease in basic and headline earnings, period on period, is a function of lower net CIF
ferrochrome prices, a stronger average Rand Dollar exchange rate, a higher depreciation charge and
higher costs of goods sold, partially offset by higher ferrochrome sales volumes and higher foreign
Update on cash and debt balances – Merafe Resources Limited Group
Net cash and cash equivalents* 331 672
Merafe's 20,5% of the Venture's debtors facility - (72)
Net cash 331 600
Cash at Merafe level 256 464
Merafe's 20,5% of the Venture's cash 75 208
*Net cash and cash equivalents 331 672
The decrease in net cash and cash equivalents is mainly as a result of an increase in trade and other
receivables and inventories.
Shareholders are advised that the financial information on which this trading statement is based, has not
been reviewed or reported on by Merafe’s external auditors.
The financial results for the six months ended 30 June 2018 are expected to be released on SENS on
6 August 2018.
17 July 2018
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