Merafe Resources’ attributable ferrochrome production from the Glencore Merafe Chrome Venture was 75kt in the fourth quarter to December 31, 2023, from 97kt in the same period in 2022, Merafe said on Friday.
This resulted in a decrease of about 22% in production for the year to that date, compared to the prior comparative period.
The reduction in production was due to planned pull back resulting from market conditions. Only the Lion smelter operated over the three-month high electricity demand winter season, a period of elevated power prices, Merafe said in a quarterly report on Friday.
For the year ended December 31, attributable ferrochrome production fell to 300kt from 384kt the year before.
Merafe’s share price slipped 2.2% to R1.29 on the JSE on Friday afternoon, but the price was nevertheless much higher than the 43 cents that it traded at three years ago on the same day. It closed the day 1.52% higher at R1.34.
BUSINESS REPORT