![]() The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". ![]() These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly. Net cash including cash and cash equivalents and the firms’ bank overdraft, increased to R354m from R281m previously. The basic loss per share came in at 54.2c compared to a 27.2c/share profit in 2018. The numbers included a R1.85bn write-down of its assets. Merafe reported a headline loss per share of 1.8 cents, a 29c/share negative turnaround on the previous year – its first headline loss since 2009. Merafe continues to closely monitor the costs and capital expenditure of the company,” it said. “Given the cyclical nature of the mining industry, prudent cash management is crucial, especially now during COVID-19 pandemic. The company had a net asset value of R21.2m. Unicorn reported an attributable profit of R28.6m for the 12 months ended February 28. ![]() “The decision to restart these operations will be kept under review and is subject to an improvement in the macro-economic environment, which was challenging even before the impact of COVID-19,” Merafe said in its May statement. The Lion smelter and Eastern Chrome mines would restart, however. Then on May 8, Merafe said it would keep four smelters – Boshoek, Rustenburg, Wonderkop, Lydenburg – and its Kroondal mine in mothballs until market conditions improved. Merafe has a 20.5% share in the Glencore-Merafe Chrome Venture. In January, Glencore said it would begin a Section 189 restructuring process of its 430,000 tons per year Rustenburg smelter. The acquisition comes at a time when Merafe’s asset mix is fluid. Based on this, the acquisition was “… a valuable addition to Merafe’s chrome interests”. Unicorn has a shareholding in a UG2 chrome concentrate producer which extracts chrome concentrate from a tailings stream in South Africa’s North West Province.
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