MRF - Merafe Resources - Ferrochrome production for the nine months to
MRF
MRF
MRF - Merafe Resources - Ferrochrome production for the nine months to
30 September 2009
Merafe Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1987/003452/06)
JSE share code: MRF
ISIN: ZAE000060000
("the Company")
Ferrochrome production for the nine months to 30 September 2009
Shareholders of the Company are advised that ferrochrome production for the
Xstrata-Merafe Chrome Venture (the Venture) for the first nine months of 2009
was 47% lower than the same period in 2008 as a result of the temporary
suspension of up to 80% of production capacity, as announced in early 2009. In
response to improved demand, furnace production has been restored to 85% of the
Venture`s total capacity.
During the 3rd quarter, the rand continued to strengthen against the US dollar
and is currently trading near its 14 month highs. The strong rand has meant
margins remain under pressure.
On 5 October 2009, the Company announced that the European benchmark ferrochrome
price had been settled at $1.03 per pound for the fourth quarter of 2009, an
increase of 16% from $0.89 per pound in the third quarter of 2009.
Nine months to Nine months to
Ferrochrome Q3 Q3 30 September 30 September
2009 2008 2009 2008
Attributable production (kt) 63 79 126 238
Indicative average published 89 205 79 173
price (US cents /lb) (Metal
Bulletin)
Sandton
20 October 2009
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 20/10/2009 08:00:01 Produced by the JSE SENS Department.
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