IFL is pleased to announce the successful switching in of the two furnaces on 1 June, following the end of the electricity buyback agreement with Eskom.
Under the electricity buyback agreement as previously announced, the Company switched out one furnace on 1 March 2012 and the second furnace on 1 April 2012. Eskom bought back the electricity which would have been consumed by the furnaces, at a rate that resulted in a net financial benefit to the Company. The shutdown of the furnaces did not adversely affect customers.
For further information please visit www.ifml.com or contact:
International Ferro Metals Limited
Chris Jordaan, Chief Executive Officer
+27 (0) 82 653 1463
Carole Cable / Fiona Micallef-Eynaud
+44 (0) 20 7404 5959
Numis Securities Limited
James Black / Alastair Stratton / Stuart Skinner
+44 (0) 20 7260 1000
About International Ferro Metals:
International Ferro Metals produces ferrochrome, the essential ingredient in stainless steel, from its integrated chromite mine and ferrochrome processing operations in South Africa. International Ferro Metals is listed on the London Stock Exchange under the symbol IFL.
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