Merafe Resources expects a loss at its Glencore Merafe Chrome Venture in H2 2020 compared with profits posted during the same period last year.
The company reported that its ferrochrome production in H1 2020 declined by 41.7pc to 120,000mt from 206,000mt in the same period last year. Merafe attributed the fall in output to cutbacks due to the COVID-19 pandemic, weak market conditions, and electricity curtailment in South Africa especially during Q2 2020.
Merafe Resources owns 20.5pc shared in the South African venture and operates seven chrome mines and five ferrochrome sites with about 12,000 employees in the region.