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MRF 201801290018A
Production report and trading statement
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”)
PRODUCTION REPORT AND TRADING STATEMENT
1. Production Report
Merafe’s attributable ferrochrome production from the Glencore Merafe Chrome Venture for the
year ended 31 December 2017 increased marginally compared to the prior year.
2017 2016 2017 2016
Fourth Fourth
quarter quarter Full Year Full Year
Attributable ferrochrome production (kt) 109 107 395 393
2. Trading Statement
Basic and headline earnings per share
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 period to be reported on will differ by at least 20% from those of the prior
comparative period.
Shareholders are therefore advised that Merafe is expecting to report the following for the year
ended 31 December 2017:
• basic earnings per share of between 34.5 cents and 38.5 cents, compared to 21.2 cents for
the prior year, which is an increase of between 63% and 82%; and
• headline earnings per share of between 34.5 cents and 38.5 cents compared to 21.2 cents
for the prior year, which is an increase of between 63% and 82%.
The significant increase in earnings per share is primarily driven by substantially higher chrome
ore and ferrochrome prices which were partially offset by:
• lower chrome ore and ferrochrome sales volumes;
• stronger average Rand compared to US Dollar exchange rate; and
• an increase in total costs per tonne of ferrochrome and chrome ore sold.
Expected cash and debt balances – Merafe Resources Limited Group
31 Dec 2017 31 Dec 2016
R’m R’m
Cash and cash equivalents balance 672 263
Merafe's 20.5% of the Venture's debtor’s facility (72) (309)
ABSA and Standard Bank debt* - (363)
Net cash/(debt) 600 (409)
*The debt balance that was outstanding at the end of 2016 was settled in full during 2017.
Shareholders are advised that the financial information on which this trading statement is based,
has not been reviewed or reported on by Merafe`s external auditors and is provided in terms of
paragraph 3.4(b) of the JSE Limited Listings Requirements. The financial results for the year ended
31 December 2017 are expected to be released on SENS on 5 March 2018.
Sandton
29 January 2018
Sponsor
One Capital
Date: 29/01/2018 01:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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information disseminated through SENS.
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