13 Oct 2014 07:00
13 October 2014
International Ferro Metals Limited
("IFL" or the "Company")
Mining services and offtake agreement with Chrometco Limited
The Company has signed agreements with Chrometco Limited ("Chrometco") to commence mining at Chrometco's Rooderand LG6 open pit mine ("Rooderand mine") and to purchase the mined ore.
The exploration drilling programme at the Rooderand mine has been completed and Phase 2 of the drilling has commenced and is expected to be completed by March 2015. As announced in September 2014, IFL is aiming to mine up to 200,000 tonnes of LG6 ore over a 12 month period, with the potential for further mining, depending on the success of Phase 2 of the exploration drilling. This would allow the Company to obtain higher-grade feed stock for its furnaces, resulting in more flexible and cost effective operations. It is expected that mining will commence in October and beneficiation will occur at IFL's beneficiation plant.
Under the ore sale agreement, IFL will pay Chrometco a portion of the net profits per tonne of ore mined, after deducting all costs associated with the mining.
For further information please visit www.ifml.comor contact:
International Ferro Metals Limited
Chris Jordaan, Chief Executive Officer
Mob: +27 (0) 82 653 1463
Brunswick Group
Carole Cable / Fiona Micallef-Eynaud
Tel: +44 (0) 20 7404 5959
Numis Securities Limited
James Black / Stuart Skinner / John Prior
Tel: +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.
Forward Looking Statements
This announcement contains certain forward looking statements which by their nature contain risk and uncertainty because they relate to future events and depend on circumstances that occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements.