Merafe swings into a loss after R1.8bn writedown
Company battles with a global oversupply of ferrochrome, load-shedding and high electricity costs
09 March 2020 - 10:53
Merafe Resources, the junior partner in one of the world’s leading ferrochrome businesses, has reported disappointing annual results, with a R1.8bn impairment recorded in a weakening market.
Merafe, which holds 20.5% of the Glencore-Merafe Chrome Venture in SA, derives all its revenue from the partnership. The company is 21.8% owned by the state-backed Industrial Development Corporation and is Glencore's empowerment partner in chrome...
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