Merafe and Glencore to construct a new PGM production plant

Merafe Resources and Glencore Operations South Africa have reached an agreement to contribute to the JV a new Platinum Group Metal (“PGM”) production plant (“New PGM Plant”) that is currently being constructed at the Kroondal Mine.

The New PGM Plant’s main operations will be the treatment of PGM-bearing material

(i) derived from the mining operations at the JV’s western chrome mines;

(ii) available in applicable tailings facilities and dams; and

(iii) from certain mining operations in the vicinity of the Kroondal Mine to which Glencore SA and/or Merafe directly or indirectly have/has rights in relation to PGMs.

The operations of the New PGM Plant are governed by the existing unincorporated JV’s notarial pooling and sharing agreement between Merafe and Glencore SA.

Merafe’s attributable ferrochrome production from the Glencore Merafe Chrome Venture in the fourth quarter and year ended 31 December 2021 increased by approximately 5.1% and 42.7% respectively, compared to the quarter and year ended 31 December 2020.

As reported in the announcement published on SENS on 26 July 2021, the increase was mainly due to current production being less affected by the COVID-19 restrictions coupled with improved plant efficiencies achieved at our smelters.

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