MRF Trading Statement Neutral
MERAFE RESOURCES LIMITED - Production report and trading statement for the six months ended 30 June 2026
Merafe Resources Limited
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What this filing means
A counterintuitive number that cuts against the bearish production picture. Ferrochrome production fell 75% on smelter suspensions, yet Merafe guides EPS up 110%–130% and HEPS up 55%–75% — the beat comes from higher commodity prices and inventory drawdown, not a recovering business.
Bull case
- EPS up 110%–130% and HEPS up 55%–75% are material earnings upgrades against a backdrop of maximum production stress.
- Group cash and equivalents of R1,591m (vs R1,156m prior year) is a real balance-sheet asset supporting the financial position.
Bear case
- Attributable ferrochrome output collapsed 75% to 28kt due to full suspensions at Wonderkop and Boshoek and partial suspension at Lion, signalling severe operational stress at the Venture.
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