MRF - Merafe Resources Limited - Second quarter 2011 ferrochrome production
MRF
MRF
MRF - Merafe Resources Limited - Second quarter 2011 ferrochrome production
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")
Second quarter 2011 ferrochrome production
Ferrochrome production volumes decreased by 4% in the first half of 2011
compared to the comparative period due to a number of furnace refurbishments
that were brought forward to the first half of 2011. The refurbishment
activities largely focussed on the more efficient Premus furnaces, resulting in
lower efficiencies and increased production costs.
Ferrochrome producers achieved an 8% increase in the benchmark price from $1.25
per pound in the first quarter to $1.35 per pound in the second quarter, set
against the continued strengthening of the Rand against the US Dollar and
electricity price increases in South Africa. The third quarter benchmark price
was settled at $1.20 per pound in early July 2011, reflecting reduced stainless
steel demand, particularly in Europe and China.
Six months Six months Year ended 31
ended ended December 2010
30 June 2011 30 June 2010
Attributable production (kt) 150 157 300
Indicative average published 130.0 118.5 124.3
ferrochrome price (USc/lb)
(Metal Bulletin)
Sandton
26 July 2011
Sponsor : Deutsche Securities (SA) (Proprietary) Limited
Date: 26/07/2011 08:30:02 Produced by the JSE SENS Department.
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