(Kitco News) - South African ferrochrome producer Merafe Resources (JSE: MRF) reported today that the company achieved a profit of R925 million (~$54 million) for the six months ended 30 June 2022 (H122).
According to a press-release, the company’s H122 headline earnings per share were 37.0 cents (H121: 23.2 cents), and basic earnings per share were 37.0 cents (H121: 23.0 cents).
The company said that this positive result was achieved due to higher realized ferrochrome prices and a weaker ZAR:US$ 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.
The company also reported a 2% increase in ferrochrome production to 203kt in H122 (H121: 199kt).
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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