(Kitco News) - Ferrochrome producer Merafe Resources (JSE: MRF) reported today that its attributable 6M 2022 production from the Glencore Merafe Chrome Venture increased by 2% to 203 ktonnes compared to the same period in 2021.
The company said that this increase was mainly due to the improvements in plant efficiencies achieved at its smelters, which continue to be sustained.
Importantly, Merafe noted that for the six months ended 30 June 2022, the company is expecting to report basic earnings per share (“EPS”) of between 34.7 cents and 39.3 cents compared to EPS of 23.0 cents for the prior comparative period, which is an improvement of between 50.9% and 70.9%.
The expected increase in EPS is primarily driven by higher chrome ore and ferrochrome prices and a weaker average Rand:US$ exchange rate, Merafe said.
The company has a 20.5% interest in the Merafe Ferrochrome and Mining Proprietary Limited. Mining giant Glencore has the remaining 79.5%.
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