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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")
Trading Statement
In terms of the JSE Limited Listings Requirements, issuers 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 be more than 20% different from those of the prior comparative
period.
Shareholders are advised that:
Merafe`s share of EBITDA from the Xstrata-Merafe Chrome Venture for the year
ended 31 December 2007 is expected to be between R485 million and R510 million
from attributable saleable production of 284,000 tonnes of ferrochrome.
After accounting for interest, depreciation and corporate costs, Merafe expects
to make a net profit before tax of between R350 million and R375 million.
After accounting for a deferred tax expense, Merafe expects to make a net profit
after tax for the year ended 31 December 2007 of between R240 million and R265
million resulting in earnings per share and headline earnings per share of
between 10 and 11 cents for year ended 31 December 2007.
The net profit after tax for the year ending 31 December 2007 is therefore
expected to increase by between 73% and 91% from the R139 million reported for
the year ended 31 December 2006, and the earnings per share and headline
earnings per share are expected to increase by between 67% and 83% from the 6
cents reported for the year ended 31 December 2006.
The 31 December 2007 results were achieved at an average ferrochrome base price
of 89 US cents/lb versus the current Q1 2008 base price of 121 US cents/lb. The
Xstrata-Merafe Chrome Venture`s sales for the next twelve months to 31 December
2008 are expected to be higher than the sales recorded for the twelve months
ended 31 December 2007.
Shareholders are advised that the above information has not been reviewed or
reported on by Merafe`s auditors. The results for the year ended 31 December
2007 are expected to be released on SENS on or about 3 March 2008.
Sandton
18 January 2008
Sponsor:
Deutsche Securities (SA) (Proprietary) Limited
Date: 18/01/2008 14:33:02 Produced by the JSE SENS Department.
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employees and agents accept no liability for (or in respect of) any direct,
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