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Merafe's ferrochrome production jumps

Johannesburg - Merafe's attributable ferrochrome production from the Glencore-Merafe chrome venture increased by 28% during the quarter ended March 31 2014.

This significant increase was primarily attributable to a stronger market, the impact of the non-recurring Eskom buy-back agreements and the good performance of the venture's furnaces.

The Rustenburg smelter continues to operate efficiently due to the positive impact of the Tswelopele pelletising and sintering plant.

The venture's operating capacity utilisation for the first quarter of 2014 was 95% compared to 74% for the comparative period.

Ferrochrome sales volumes for the first quarter of 2014 increased by 9% period on period.

The ongoing strike in the platinum industry has resulted in reduced UG2 production and higher chrome ore input costs at the venture's furnaces during the first quarter of 2014, as a consequence of a higher percentage of own mined ore compared to UG2.

Production from the first furnace of the company's R5bn Project Lion II commenced on April 6 2014.

Ferrochrome production at the plant will ramp up gradually and it is envisaged that the smelter will be fully operational toward the middle of 2014.

The project has an excellent safety record with more than 8.5 million man hours worked, without a lost time injury.

The European benchmark ferrochrome price for the second quarter of 2014 has been settled at 122 US cents per pound, which is an increase of 3% from the 118 US cents per pound price in the first quarter of 2014.

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