1. South Africa Stocks

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    Non-energy minerals

  3. •

    Other metals/Minerals
Merafe Resources Limited

Merafe Resources Limited

136.00
ZAC
-1.00
(-0.73%)
329.88BMarket Cap
Mar 22Next Earn
Merafe Resources Limited
JSE:MRF
(Johannesburg Stock Exchange)

Recent

price

136.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
ZAR
1.04
0.98
1.02
1.4
1.45
1.76
2.27
2.35
2.23
2.14
1.9
3.22
3.18
3.7
3.38
2.32
- -
Revenue per Share
0.11
0.05
0.02
0.08
0.09
0.14
0.21
0.36
0.27
-0.54
-0.4
0.67
0.56
0.7
0.27
0.06
- -
Basic EPS, GAAP
-0.02
-0.04
-0.14
-0.05
-0.05
0.26
0.09
0.4
0.19
0.09
0.06
0.27
0.49
0.48
0.43
0.07
- -
Free Cash Flow per Basic Share
0.02
0.02
- -
- -
0.01
0.02
0.02
0.07
0.17
0.06
0.04
0.07
0.34
0.33
0.42
0.12
- -
Dividend per Share
1.04
1.07
1.09
1.17
1.25
1.36
1.55
1.85
1.95
1.35
0.91
1.51
1.73
2.1
1.95
1.89
2.01
Book Value per Share
1.04
1.07
1.09
1.17
1.25
1.36
1.55
1.82
1.93
1.33
0.89
1.49
1.72
2.09
1.94
1.89
2.01
Tangible Book Value per Share
2,463
2,479
2,493
2,494
2,497
2,510
2,511
2,511
2,511
2,511
2,511
2,506
2,499
2,499
2,499
2,499
2,499
Basic Weighted Avg Shares
2,558
2,427
2,542
3,497
3,609
4,428
5,702
5,889
5,606
5,379
4,780
8,060
7,936
9,242
8,439
5,796
- -
Sales/Revenue/Turnover
16.27
7.7
6.98
11.55
9.79
10.51
15.46
23.27
14.25
-1.37
1.55
27.5
23.35
21.06
15.58
8.57
- -
Operating Margin (%)
114
153
218
253
237
267
330
368
406
467
153
111
219
249
354
201
- -
Depreciation Expense
279
117
49
211
214
343
532
914
683
-1,362
-1,003
1,674
1,410
1,753
667
143
- -
Net Income, GAAP
28.77
43.09
35.99
26.71
28.79
28.32
28.43
28.46
27.64
- -
- -
28.07
27.67
25.51
24.72
24.88
- -
Effective Tax Rate (%)
10.89
4.81
1.92
6.02
5.93
7.76
9.34
15.52
12.19
-25.32
-20.98
20.76
17.77
18.97
7.91
2.46
- -
Profit Margin (%)
1,204
1,153
1,165
1,140
1,237
1,535
1,818
2,417
2,721
2,463
1,966
3,287
3,577
4,198
3,956
3,773
4,079
Working Capital
313
313
524
576
550
473
189
11
10
20
16
11
9
6
5
3
3
LT Debt
2,575
2,659
2,710
2,926
3,124
3,415
3,897
4,636
4,893
3,381
2,277
3,770
4,330
5,259
4,876
4,719
5,031
Total Equity
10.61
4.51
2.11
7.11
7.12
10.69
14.57
20.73
14.23
- -
- -
54.39
33.51
35.46
11.77
1.92
- -
Return on Invested Capital (%)
10.84
4.62
2.17
6.63
6.62
9.79
13.42
20.19
14.53
- -
- -
54.23
33.94
36.03
13.15
2.97
- -
Return on Capital (%)
11.36
4.46
1.82
7.47
7.08
10.51
14.56
21.43
14.34
-32.92
-35.46
55.35
34.81
36.56
13.17
2.97
- -
Return on Common Equity (%)

Capital Structure

ZAR

•

in mil. unless spec.
Jun'25
Dec'25
Jun'26
ST Debt
1
1
1
LT Borrowings
- -
- -
- -
LT Finance Leases
4
3
3
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2,499
2,499
2,499
Market Capitalization
3,274
2,724
3,299

Working Capital

ZAR

•

in mil. unless spec.
Jun'25
Dec'25
Jun'26
Total Current Assets
4,762
4,740
4,905
Cash, Cash Equivalents & STI
1,142
1,550
2,002
Accounts Receivable, Net
1,068
1,107
1,443
Inventories
2,472
1,899
1,338
Total Current Liabilities
745
967
826
Payables & Accruals
- -
- -
- -
ST Debt
1
1
1
Deferred Revenue
- -
- -
- -

Growth Rates

ZAR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.64%
18.27%
-3.23%
Free Cash Flow
48.45%
64.71%
-84.91%
Net Income, GAAP
-62.3%
-79.77%
-78.63%
Sales/Revenue/Turnover
5.56%
8.7%
-31.32%
Total Cash Common Dividend
71.95%
82.56%
-71.42%

Semi-annual Revenue

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
8,439
2025
- -
- -
5,796
2026
- -
- -
- -

Semi-annual Earnings Per Share

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
0.27
2025
- -
- -
0.06
2026
- -
- -
- -

Semi-annual Dividends Per Share

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
0.42
2025
- -
- -
0.12
2026
- -
- -
- -
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Business
Merafe Resources Limited operates primarily in the industrial metals and mining sector, focusing on the production and sale of ferrochrome through its joint venture with Glencore, the Glencore-Merafe Chrome Venture. The company manufactures ferrochrome using chrome ore mined from deposits in South Africa, operating ferrochrome smelters, ferrochrome furnaces, chrome ore mines, UG2 plants, and PGM processing plants mainly located in the Northwest, Limpopo, and Mpumalanga provinces. The products are primarily supplied to the stainless steel industry. Founded in 1955 and headquartered in Johannesburg, South Africa, Merafe Resources also holds subsidiaries including Merafe Chrome and Alloys (Pty) Ltd and Merafe Ferrochrome and Mining (Pty) Ltd. In recent developments, Merafe has announced significant operational changes due to escalating electricity costs in South Africa, which have forced the company and its joint venture partner Glencore to halt operations at the Boshoek and Wonderkop ferrochrome smelters since May 2025. The company plans to officially mothball these two smelters at the start of 2026, resulting in layoffs and retrenchments for a large number of employees. The continuing operation of the Lion smelter is supported under a recent electricity tariff proposal, but no sustainable solution has been found for the other two smelters. This decision reflects the broader challenge of rising power costs impacting industrial producers in South Africa. Additionally, Merafe and its partners have been involved in strategic agreements to enhance chrome production efficiencies and operations, including recent finalized agreements with Sibanye-Stillwater to optimize chrome recovery and increase future cash flows. These operational shifts highlight Merafe's focus on maintaining profitability amidst infrastructural challenges and power cost pressures while optimizing production through strategic partnerships and efficiency improvements within the South African chrome mining and ferrochrome production industry. The company continues to engage with stakeholders and the government to find sustainable energy solutions critical to its long-term viability in its core markets.