MRF - Merafe - Ferrochrome production for the twelve months ended 31 December
MRF
MRF
MRF - Merafe - Ferrochrome production for the twelve months ended 31 December
2009
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")
Ferrochrome production for the twelve months ended 31 December 2009
Shareholders of the Company are advised that ferrochrome production for the
Xstrata-Merafe Chrome Venture (the "Venture") for the year ended 31 December
2009 decreased by 30% compared to the previous comparative period. This arose as
a result of the suspension of up to 80% of production capacity in late 2008 and
early 2009 in response to the rapid decline in market conditions. Production
was progressively increased during the year from 20% of annual capacity in early
January to approximately 85% by year end, in line with improving demand. The
strengthening of the Rand against the US Dollar during 2009 continued to exert
pressure on margins and together with improving demand, enabled ferrochrome
producers to achieve a 30% increase in the ferrochrome price from $0.79 per
pound in the first quarter of 2009 to $1.03 per pound in the fourth quarter of
2009.
Ferrochrome production attributable to Merafe for 2009 was as follows:
Year ended Year ended
Ferrochrome production 31.12.2009 31.12.2008
Attributable production (kt) 203 290
Indicative average published price (USCents 85.0 175.8
(USD)/lb) (Metal Bulletin)
Sandton
1 February 2010
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 01/02/2010 09:00:01 Produced by the JSE SENS Department.
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