19 Aug 2015 16:50
International Ferro Metals Limited - Impact of strike actionInternational Ferro Metals Limited - Impact of strike action
PR Newswire
London, August 19
19 August 2015
International Ferro Metals Limited
(“IFL” or the “Company”)
Impact of strike action
Workers employed by Almar Investments (Pty) Ltd (“Almar”), which owns and operates the materials handling mobile equipment on site under contract for the Company, are currently on a strike. This dispute seems to be part of labour unrest affecting other mining operations in the region. The dispute is with Almar and not with the Company. Almar has now managed to staff IFL operations so that operations can continue normally. As a result of the labour unrest, the Company’s furnaces have had to be intermittently reduce production. To date about 1,000 tonnes of ferrochrome production has been lost. This has also caused a disruption to the Company’s logistics and shipping schedules affecting approximately 1,500t of ferrochrome shipments to date and consequently the Company’s liquidity.
Whilst operations are now returning to normal, the situation remains unpredictable, and should disruption to the Company’s operations and logistics and shipping schedules re-occur, it may put further strain on the Company’s liquidity.
The Company will make further announcements as required.
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For further information please visit http://www.ifml.com/ or contact:
| International Ferro Metals Limited | Tel: +27 14 574 6302 |
Chris Jordaan, Chief Executive Officer
| Numis Securities Limited | Tel: +44 (0) 20 7260 1000 |
James Black / John Prior / Paul Gillam
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 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.