Merafe Resources, which has as its sole asset a 20.5% stake in a chrome joint venture with Glencore, paid a record dividend for 2017 based on unsurpassed revenue after record-high ferrochrome output, to capture improved prices for the stainless-steel ingredient.

Merafe declared a final dividend of 9c a share, bringing its total dividend payment to 12c a share, equivalent to R310m against R120m a year earlier.

Ferrochrome output for the joint venture partners rose marginally to a record 395,000 tonnes from 393,000 tonnes the previous year, pushing Merafe’s share of revenue to a record R5.89bn for the year to end-December compared to R5.87bn before.

Headline earnings per share rose 72% to 36.4c.

Merafe ended the year with net cash of R600m compared to net debt of R409m the year before.