Merafe lifts interim output
JSE-listed Merafe’s attributable ferrochrome production from the Glencore Merafe Chrome Venture for the six months ended June 30 was 199 000 t, a 65.6% increase year-on-year.
The increase was mainly owing to current production being less affected by the Covid-19 restrictions, coupled with improved plant efficiencies achieved at the company’s smelters.
Further, Merafe, which will release its interim financial results on August 10, expects to report basic earnings per share (EPS) of between 19.2c and 26.8c, compared with a basic loss of 38.3c a share for the prior comparative period.
Its headline earnings per share (HEPS) are likely to be between 23.1c and 23.3c, compared with HEPS of 1.1c for the prior comparative period.
The expected increase in EPS and HEPS is primarily driven by higher chrome ore and ferrochrome prices and higher sales volumes, which were partially offset by a stronger average rand:dollar exchange rate.
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