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Merafe increases FY output, reduces debt

26th January 2017

By: Ilan Solomons

Creamer Media Staff Writer

     

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JOHANNESBURG (miningweekly.com) – JSE-listed Merafe Resources’ attributable ferrochrome production from the Glencore Merafe Chrome Venture for the year ended December 31, increased by 4% to 107 t, compared with the 101 t produced in 2015.

Merafe on Thursday said that it expects to report basic earnings a share of between 20c and 23.5c for the full year, compared with the 13.7c recorded in the prior year, which would be an increase of between 46% and 72%.

Headline earnings a share are also expected to increase by 44% to 69% to between 20c and 23.5c compared with 13.9c in the prior year.

Merafe expects its net cash balance will decline to R263-million at December 31, compared with R310-million at the end of 2015, while its debt is expected to decrease to R409-million from R660-million the year before.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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