Ferrochrome producer Merafe reports 60% earnings growth in H122, flags inflationary pressures

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Ferrochrome Ferrochrome producer Merafe reports 60% earnings growth in H122, flags inflationary pressures

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- South African ferrochrome producer Merafe Resources reported today that the company achieved a profit of R925 million for the six months ended 30 June 2022 . According to a press-release, the company’s H122 headline earnings per share were 37.0 cents , and basic earnings per share were 37.0 cents .

The company said that this positive result was achieved due to higher realized ferrochrome prices and a weaker ZAR:US$ exchange rate. However, Merafe noted that ferrochrome prices have since declined while cost pressures from inflation, higher reductant costs, chrome ore costs and electricity tariffs continue to mount.Merafe has a 20.5% interest in the Merafe Ferrochrome and Mining Proprietary Limited. Mining giant Glencore owns the remaining 79.5%.

 

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