[miningmx.com] – SHARES in Merafe Resources declined the most in more than a year after the company said third quarter output had fallen 14% and some of its mines were shut by a strike, said Bloomberg News.
Merafe, which owns 20.5% of the world’s largest ferrochrome operation in South Africa in a venture with Glencore, dropped as much as 12% in Johannesburg trading
Ferrochrome output fell 11,000 tonnes to 74,000 tonnes and the company’s mines near Rustenburg had been shut since the last week of September, said the newswire.
The National Union of Metalworkers had started a pay strike, investor relations manager, Kajal Bissessor, said today by phone. Its eastern operations and all smelters are fully operational, she said.
