MRF
MRF
MRF - Merafe Resources Limited - Trading Statement
Merafe Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/003452/06)
Share Code: MRF ISIN: ZAE000060000
("Merafe" or "the Company")
Trading Statement
In terms of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as they are satisfied that a reasonable
degree of certainty exists that the financial results for the current reporting
period will differ by at least 20% from those of the prior comparative period.
Shareholders are advised that:
In the prior comparative period, Merafe recorded a net loss of R28 million for
the six months ended 30 June 2006 resulting in a net loss per share and headline
loss per share of 1.2 cents.
Merafe`s share of EBITDA from the Xstrata-Merafe Chrome Venture for the six
month period ending 30 June 2007 is expected to be between R190 million and R200
million from attributable saleable production of 139,000 tonnes of ferrochrome.
After accounting for corporate costs, interest and depreciation, Merafe expects
to make a net profit before tax for the six month period ending 30 June 2007 of
between R130 million and R140 million.
After accounting for a deferred tax expense of R45 million, Merafe expects to
make a net profit after tax for the six month period ending 30 June 2007 of
between R85 million and R95 million resulting in earnings per share and headline
earnings per share of between 3.6 and 4.0 cents for the six month period ending
30 June 2007.
Long-term borrowings are expected to reduce by R160 million at 30 June 2007 from
31 December 2006.
Due to the ramp-up of production at the Lion Ferrochrome smelter, Merafe`s share
of attributable sales for the next six months to 31 December 2007 are expected
to be more than the attributable sales recorded for the six months ending 30
June 2007.
Shareholders are advised that the above information has not been reviewed or
reported on by Merafe`s auditors. The results for the six months ended 30 June
2007 are expected to be released on SENS on or about 7 August 2007.
Sandton
12 July 2007
Date: 12/07/2007 17:15:01 Produced by the JSE SENS Department.
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