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Merafe Resources, the junior empowerment partner in a chrome joint venture with Glencore, has swung into a first-half loss exceeding its R879m market capitalisation after Covid-19 shuttered facilities and hit Chinese stainless steel production.

The group reported a R961m loss for the six months to end-June, from profit of R165m previously. The group wrote down its assets by R1.34bn in its first half, warning on Tuesday that operating conditions in SA look set to deteriorate...

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