Merafe’s third-quarter ferrochrome production increases by 71%
JSE-listed ferrochrome producer Merafe Resources last week reported that its third-quarter attributable production from the Glencore-Merafe chrome venture increased by 71% year-on-year, as a result of additional planned production, good performance of the Lion 1 project and the impact of major production improvements at the venture’s Rustenburg plant.
The Glencore-Merafe chrome venture used 94% of its ferrochrome production facilities’ operating capacity during the quarter, a significant increase from the 55% used in the prior comparative period.
Merafe’s ferrochrome sales tonnages increased by 25% year-on-year in the quarter.
Meanwhile, Merafe stated that its Lion 2 project was still on track for hot commissioning at the end of the year, with the overall project remaining on schedule and within budget.
Lion 2 was estimated to be 76% complete as at September 30.
“As we move into the exciting commissioning phase, we are confident about the project’s ability to deliver further efficiencies and cost savings, thereby enhancing the venture’s competitive advantage,” Merafe said.
Further, the company said the benefits of ongoing cost-saving initiatives within the Glencore-Merafe chrome venture, which included placing the Horizon mine on care and maintenance, were already evident.
Overall, Merafe and the chrome venture were also expected to benefit from synergies resulting from the GlencoreXstrata merger.
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