Trading statement for the year ended 31 December 2021
Merafe Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1987/003452/06)
JSE share code: MRF
(“Merafe” or the “Company”)
TRADING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021
In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, issuers are required to publish
a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the
financial results for the period to be reported on will differ by at least 20% from those of the prior
Accordingly, shareholders are hereby advised that for the year ended 31 December 2021 (“current
reporting period”), Merafe is expecting to report basic earnings per share of between 70.8 cents and
62.8 cents and headline earnings per share of between 67.0 cents and 66.8 cents, compared to basic
loss per share of 40.0 cents and headline loss per share of 0.8 cents, respectively, for the prior
The expected considerable increase in headline earnings per share is primarily driven by higher
ferrochrome and chrome ore prices as well as higher volumes sold. These were partially offset by a
stronger average Rand compared to the US Dollar. The expected considerable increase in basic
earnings per share is as a result of there being no general impairment adjustments relating to property,
plant and equipment during the current reporting period.
Expected cash and debt balances – Merafe Resources Limited Group
31 December 2021 31 December 2020
Cash and cash equivalents 972 278
The increase in cash and cash equivalents is principally due to higher earnings generated for the year.
Included in the cash and cash equivalents for the current reporting period is R189 million which has
been ringfenced for rehabilitation obligations. As in the prior year, the Company had no debt at year
Shareholders are advised that the financial information on which this announcement is based, has not
been reviewed or reported on by Merafe’s external auditors. The financial results for the year ended
31 December 2021 are expected to be released on SENS on or about 22 March 2022.
23 February 2022
Date: 23-02-2022 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.