MRF
MRF
MRF - Merafe Resources Limited - Shareholders Announcement
MERAFE RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1987/003452/06
Share Code: MRF
ISIN: ZAE000060000
("Merafe")
Shareholders Announcement
Further to the announcement dated 14 February 2012, shareholders are advised
that the Xstrata-Merafe Chrome Venture ("the Venture") has reached an agreement
with Eskom to assist with the power utility`s power supply requirements. The key
features of this arrangement are:
* The Venture will temporarily close five of its furnaces until 31 May 2012;
* In return, Eskom will buy-back the energy not consumed by these five
furnaces until 31 May 2012;
* The arrangement, which is effective from 18 February 2012 until 31 May
2012, will have a net positive economic impact for both the Venture and
Eskom and will not result in job losses at these five furnaces.
Four of the temporary furnace closures will be at the Venture`s Rustenburg
smelter, which is currently the Venture`s least energy efficient operation, and
one furnace will be temporarily closed at the Wonderkop smelter. As shareholders
are aware, the completion of the pelletising and sintering plant ("Project
Tswelopele") at the Rustenburg smelter in the second half of 2012, will improve
the energy efficiencies at the Rustenburg smelter. As a result of the
arrangement with Eskom, the ferrochrome production loss to the Venture is
estimated to be 100,000 tonnes.
Sandton
17 February 2012
Sponsor
Deutsche Securities SA (Proprietary) Limited
Date: 17/02/2012 09:18:39 Produced by the JSE SENS Department.
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