[miningmx.com] – FERROCHROME producer, Merafe Resources, said its full-year share earnings ended December 31 would be between 19% and 26% lower as a result of accelerated depreciation from the scrapping “of certain assets”.
Commenting in a trading statement today, the company said additional depreciation from the completion of its Project Lion II, an increase in borrowing costs related to the project, head office restructuring costs and the impact of strikes also affected earnings.
As a result, share earnings for the year would be between 8 and 8.8 cents lower which compares to 10.8 cents per share in its 2013 financial year.
