Strategic review

The Venture has developed significant competitive advantages and is well positioned for the future.

Chairmans report

The Venture is well positioned as the lowest-cost producer in South Africa, with the commissioning of the energy-efficient Lion II ferrochrome plant.


The five capitals model we have adopted provides a basis for understanding sustainability in terms of the economic concept of wealth creation or ‘capital’. A sustainable organisation will maintain and where possible enhance these stocks of capital assets, rather than deplete or degrade them. The model allows business to broaden its understanding of financial sustainability by allowing business to consider how wider environmental and social issues can affect long-term profitability.

About this report

We are pleased to present to you the integrated annual report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the JSE, and Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) for the year ended 31 December 2014. The scope of this report includes Merafe, its subsidiaries and the Glencore-Merafe Chrome Venture (the Venture). There has been no significant change in our size, structure, ownership or products and there are no specific limitations on the scope or boundary of this report.

We published our previous integrated annual report, for the reporting period ended 31 December 2013, in 2014. This year, summarised financial and sustainability information and the AGM Notice, will be sent to shareholders and this integrated annual report will be available on our website: Printed copies of the integrated annual report will be available on request from the Company Secretary.