LONDON (Alliance News) - International Ferro Metals Ltd on Thursday said it has reached a chromite supply agreement with Rustenberg Platinum Mines Ltd.
The pair have been involved in a legal dispute, in which International Ferro's two South African subsidiaries started legal action to protect their interest under the chromite supply agreement in place with Rustenberg, after Rustenberg attempted to terminate the agreement.
Under the settlement, Rustenberg will supply 10,000 tonnes of chromite to International Ferro's South African units per month in 2016 at no cost. After that, it will supply 7,500 tonnes per month from January 2017 to November 2020 at ZAR170 per tonne.
International Ferro shares are currently suspended.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.