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Merafe

Merafe is a South African mining company focused on ferrochrome production and chrome ore mining. The company is headquartered in Johannesburg and operates primarily in South Africa's chrome-rich Bushveld Complex. Merafe is best known for its 20.5% stake in the Glencore-Merafe Chrome Venture, a joint venture with global commodities group Glencore that operates several ferrochrome smelters and chrome mines in South Africa. The venture's assets include the Lion Smelter, Boshoek mine and smelter complex, and Wonderkop mine, making it one of the world's largest ferrochrome producers. Ferrochrome is a key input in stainless steel production, and the venture supplies both domestic and international markets. Merafe is listed on the Johannesburg Stock Exchange and derives substantially all its revenue from the chrome venture. The company's performance is closely tied to global ferrochrome prices, stainless steel demand, and the operational efficiency of the joint venture's smelting operations. Merafe was established in the early 2000s and formalised its partnership with Glencore's chrome assets in 2004, creating a significant consolidation in South Africa's ferrochrome industry. The company remains a pure-play chrome investment vehicle, with its fortunes linked to the cyclical nature of the stainless steel and ferrochrome markets.

Merafe Updates


An image of the Glencore-Merafe chrome venture
Glencore-Merafe venture withdraws Section 189 process
1st June 2026 By: Tasneem Bulbulia

The Glencore-Merafe chrome venture has withdrawn a Section 189 process following the approval of a proposed discounted tariff for South African ferrochrome producers by the National Energy... 


Nersa has also launched a process to consider changing the terms of a prevailing negotiated pricing agreement  between Eskom and Transalloys (pictured).
Ferrochrome venture again extends retrenchment deadline following Eskom request
7th April 2026 By: Terence Creamer

The Glencore-Merafe Chrome Venture has agreed to further extend the date for the termination of Section 189 retrenchment consultations under way with workers at its ferrochrome smelters – this time... 


South Africa's Electricity Pricing Crisis: The 62-Cent Lifeline and What It Really Means
31st March 2026

By: Davies Tsikayi South Africa holds an estimated 70 to 80% of the world's known chrome reserves. Yet China, with less than 1% of global chrome deposits, now dominates global ferrochrome... 


Glencore Merafe confirms counter proposal to Eskom’s ‘unworkable’ 62c/kWh conditions
Glencore Merafe confirms counter proposal to Eskom’s ‘unworkable’ 62c/kWh conditions
25th March 2026 By: Terence Creamer

The Glencore Merafe Chrome Venture has confirmed that it has submitted a “final counterproposal” to Eskom in relation to the terms and conditions associated with the electricity utility’s 62c/kWh... 


Eskom is also working on a standard smelter offer that could be extended to other ferroalloy producers.
Glencore-Merafe pauses retrenchments until end-March as it weighs Eskom’s 62c/kWh offer
2nd March 2026 By: Terence Creamer

The Glencore-Merafe Chrome Venture has paused a retrenchment process at its ferrochrome smelters by a month to March 31 after Eskom made a 62c/kWh tariff offer on the eve of its previous February... 


Glencore CEO Gary Nagle.
South African govt ‘very supportive, great to work with’, Glencore highlights
18th February 2026 By: Martin Creamer

The South African government is “very supportive” and “a great government to work with”, Glencore CEO Gary Nagle highlighted on Wednesday when the London- and Johannesburg-listed diversified mining... 


Electricity and Energy Minister Dr Kgosientsho Ramokgopa
Cost of ferrochrome electricity deal cannot be ‘socialised’, Ramokgopa reiterates
21st January 2026 By: Terence Creamer

Electricity and Energy Minister Dr Kgosientsho Ramokgopa has reiterated that the cost of the solution being pursued to salvage South Africa’s ferrochrome smelters, most of which have been closed on... 


Eskom CEO Dan Marokane
Eskom promises not to impose burdens on other customers as it inks MoU to support embattled ferrochrome smelters
8th December 2025 By: Terence Creamer

Eskom has signed a memorandum of understanding (MoU) with Samancor Chrome and the Glencore–Merafe Chrome Venture in a bid to finalise an electricity tariff solution that prevents the closure of... 


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