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Thu 29 Jul 2010
Close: 137c 
Day's move: 1c (0.74%)
Volume: 866 711
Trades: 92
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Merafe - production report
Shareholders of Merafe are advised that in response to rising demand, ferrochrome production for the Xstrata-Merafe Chrome Venture (the Venture) for the first half of 2010 was 149% higher than the same period in 2009. The strengthening of the Rand against the US Dollar coupled with the electricity price increases in South Africa enabled ferrochrome producers to achieve a 35% increase in the European benchmark ferrochrome price from USD1.01 per pound in the first quarter of 2010 to USD1.36 per pound in the second quarter of 2010. On 2 July 2010 Merafe announced that the European benchmark ferrochrome price was settled at USD1.30 per pound for the third quarter of 2010, a decrease of 4% from the second quarter of 2010.
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Merafe code of practise announcement
Shareholders are referred to the directive issued by the department of mineral resources ("DMR") in the North West region instructing mining companies to review the code of practice applying to the bord-and-pillar mining method. On Monday, 19 July 2010, the DMR met with representatives from mining companies including the Xstrata-Merafe chrome venture ("the venture") and after a positive and constructive meeting it was agreed that all mines affected by the directive would make individual presentations to the inspectorate. The venture will therefore make a detailed presentation to the inspectorate after taking all recommendations into consideration. The venture's mining operations will continue as planned in the interim.
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Merafe expects a profit
Shareholders are advised that Merafe is expecting to report earnings per share and headline earnings per share of between 7 and 8 cents for the six months ended 30 June 2010. This compares with a loss per share and headline loss per share of 3 cents for the prior comparative period. The financial results for the six months ended 30 June 2010 are expected to be released on SENS on 3 August 2010.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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