Merafe Resources Limited

Merafe Resources Limited (Merafe Resources) through the Xstrate-Merafe Chrome Venture (the Venture), participates in chrome mining and the beneficiations of chrome ore into ferrochrome. Currently its major assets consist of the Kenana UG2 beneficiation plant, a ferrochrome smelter at Boshoek in the North West Province of South Africa at which chrome ore is beneficiated into ferrochrome and Horizon chrome mine, which produces chrome ore. Its assets also include a 50% interest in the Kroondal resources; a 26% interest in the Markana resources; a 20.5% interest in the Lion Ferrochrome smelting complex and the Mototolo UG2 plant situated in the Mpumalanga Province of South Africa; and a 20.5% interest in the EPL UG2 plant and the Rustenburg pelletiser in the North West Province. The ferrochrome output of the Venture is marketed to the stainless steel industry.