10 Jun 2013 07:00
10 June 2013
International Ferro Metals Limited
("IFL" or the "Company")
FURNACE UPDATE
International Ferro Metals Limited is pleased to report that the second furnace was successfully restarted on 1 June 2013. As previously reported, one furnace was shut down on 16 February due to participation in the Eskom buy-back programme. The ramp-up is progressing smoothly and the furnace is on track to achieve full load this month.
During the buy-back shut down of one furnace, the other furnace operated as normal and the Company's Co-gen facility generated in excess of 10% of total power consumed. In May, 10.3% of total consumption was achieved, close to our 11% target. This augments the cost reduction initiative as the cost of this self-generated power is significantly lower than bought-in power from Eskom.
It is pleasing to note that both ore and power consumption efficiencies have improved, which is attributable to both the stability in operations, as well as improved metallurgical control of the production process. Initiatives implemented to improve electrode management had the expected impact, with no operational issues experienced with the electrodes during this period.
The Company looks forward to updating shareholders more fully at the time of the second quarter production update on 24 July.
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For further information please visit www.ifml.com or contact:
International Ferro Metals Limited Chris Jordaan, Chief Executive Officer | +27 (0) 82 653 1463 |
Brunswick Group Carole Cable / Clemmie Raynsford | +44 (0) 20 7404 5959 |
Numis Securities Limited John Prior / 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.