JOHANNESBURG - Resources company Merafe said yesterday that its revenue rose 3 percent to a record R5.889bn in the year to the end of December, while ferrochrome production increased to 395000 tons.
The company said earnings before interest, taxes, depreciation and amortisation was up 47percent to R1.665bn, while headline earnings per share, the key measure of profit in South Africa, increased by 72percent to 36.4cents.
Merafe Resources, through its subsidiary Merafe Ferrochrome and through a pooling and sharing venture with Glencore Operations South Africa, participates in chrome mining and the beneficiation of chrome ore into ferrochrome. Yesterday, it said a projected increase in global stainless steel production would bolster demand for ferrochrome.
- African News Agency (ANA)