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Merafe - production report and trading statement
Merafe's attributable ferrochrome production from the Glencore Merafe Chrome Venture for the six months ended 30 June 2025 was 112kt, marking a decrease of approximately 28% in production when compared to the six months ended 30 June 2024. This reduction in production is attributed to the suspension of production at our smelters due to adverse market conditions.
Trading statement
Shareholders were advised that for the six months ended 30 June 2025, Merafe is expecting to report:
- basic earnings per share ("EPS") of between 6.4 cents and 12.2 cents, compared to EPS of 28.8 cents for the Prior Comparative Period, which is a decrease of between 58% and 78%; and
- headline earnings per share ("HEPS") of between 9.8 cents and 15.4 cents, compared to HEPS of 28.2 cents for the Prior Comparative Period, which is a decrease of between 45% and 65%.
The expected decrease in EPS and HEPS is primarily driven by softer commodity prices, lower volumes sold, a stronger ZAR:USD exchange rate and further impairments over the reporting period.
The financial results for the six months ended 30 June 2025 are expected to be released on SENS on or before 12 August 2025.
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