Business In The News

Merafe Resources says revenue up three percent in 2017

JOHANNESBURG, March 5 – Resources company Merafe said on Monday its revenue rose three percent to a record R5.889 billion in the year ended December 31 2017, while ferrochrome production increased to 395,000 tonnes.

The company said earnings before interest, taxes, depreciation and amortization (EBITDA) was up 47 percent to R1.665 billion while headline earnings per share, the key measure of profit in South Africa, increased by 72 percent to 36.4 cents.

Merafe Resources, through its subsidiary Merafe Ferrochrome and through a pooling and sharing Venture with Glencore Operations South Africa,  participates in chrome mining and the beneficiation of chrome ore into ferrochrome.

On Monday it said a projected increase in global stainless steel production would in turn bolster demand for ferrochrome, particularly from non-Chinese sources.

– Africa News Agency (ANA)

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