Merafe Resources Limited provided earnings guidance for the six months ended June 30, 2018. For the six months, the company expected basic earnings per share and headline earnings per share of between 16.0 cents and 18.0 cents for the six months ended 30 June 2018, compared to 19.4 cents for the previous comparative period, which amounts to a decrease of between 7.2% and 17.5%. The decrease in basic and headline earnings, period on period, is a function of lower net CIF ferrochrome prices, a stronger average Rand Dollar exchange rate, a higher depreciation charge and higher costs of goods sold, partially offset by higher ferrochrome sales volumes and higher foreign exchange gains.