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Merafe Resources, the junior empowerment partner in a chrome joint venture with Glencore, has warned of a sharp drop of profits in its half year to end-June, when mines and smelters were shuttered.

The group expects headline earnings per share to fall between 81% and 86% from the prior period’s 6.6c, while net cash has fallen to R263m from R354m previously, the group said in a trading update...

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