Merafe cuts net debt by 50% in H1

JSE-listed Merafe Resources has ended the first six months of this year on a stronger financial basis after reducing its net debt by 49% to R207.8-million, from R409.3-million in the six months to December 2016. During the six months under review, Merafe continued to repay the bulk of its head office debt owing to Absa and Standard Bank, with a reported balance of R400 000 owed to the banks by period-end and unused debt facilities of R299.6-million.