LONDON (Alliance News) - International Ferro Metals Ltd on Thursday said all furnaces and mining operations have been shut down in its South African operation.
The move comes after International Ferro on Wednesday said its South African subsidiary has been entered into a Business Rescue due to its "deteriorating business conditions" that were out of the company's control.
International Ferro Metals plans to sell its stake in the subsidiary, but has requested its shares be suspended in the meantime.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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