JSE-listed Merafe Resources’ attributable ferrochrome production from the Glencore Merafe Chrome Venture for the quarter ended December 31, 2018, increased marginally by 2.6% year-on-year.
The venture’s production for the year ended December 31, 2018, increased by 3.2% compared with the previous comparative period.
Full-year production represents 85% of installed capacity.
Merafe on Thursday said it expects to report a 17% to 32% decrease in basic earnings per share (EPS) and headline earnings per share (HEPS) of between 24.7c and 30.1c for the full-year, compared with the EPS and HEPS of 36.4c reported for the 2017 financial year.
This decrease in EPS is primarily as a result of lower ferrochrome prices, as well as lower volumes of chrome ore and ferrochrome sold.
These were partially offset by a stronger average rand, compared with the dollar.
The company’s financial results for the full-year are expected to be released on or about March 11.