IFL.L Regulatory News (IFL)

6 Feb 2007 07:01

International Ferro Metals Limited06 February 2007 6th February 2007 International Ferro Metals Limited ("IFM" or "the Company") Production continues ahead of scheduleInternational Ferro Metals Limited (AIM:IFL) announces that it has commissionedits second ferrochrome furnace three months ahead of schedule, significantlyincreasing production at its ferrochrome smelting facility. Construction of the integrated facility remains within its cost budget and the additionalferrochrome production from this early commissioning will generate further salesrevenue commencing this month. An update is provided below: Construction Progress •The second furnace was commissioned on Tuesday 30th January 2007 and was tapped yesterday, 5th February 2007. •Construction of the overall integrated ferrochrome facility remains ahead of schedule with the facility's ore beneficiation plant commissioned during January 2007. •The overall project remains within its capital cost budget of R1.518 billion. Chrome Production Update •IFM plans to produce 267,000 tonnes of saleable ferrochrome per annum. •The ore beneficiation plant is now operating at its full capacity six months ahead of schedule. •The first ferrochrome furnace is operating at its design capacity following a ramp-up period of two weeks. At the time of the Company's Admission to AIM this level of operating capacity was forecast to be achieved over a 12 month period, ending 31 March 2008. This early achievement of productivity targets, due to the early commencement and shorter ramp up period, is forecast to add an additional 58,000 tonnes of Charge Chrome to the Company's first financial year's production, now projected to be 93,000 tonnes in the period ending 30 June 2007. •The current price of Charge Chrome is US$0.75/lb. •IFM's forecast production costs at full production remain below US$0.40/lb. Progress at the integrated ferrochrome facility can be viewed on the Company'sweb site at www.ifml.com/Project%20Photos.aspx Stephen Turner, MD of International Ferro Metals commented "The earlycommissioning of IFM's two ferrochrome furnaces, coupled with the efficientramp-up to full production of the first furnace reflects the professionalism andcommitment of the IFM team. I congratulate our management and contractors forthis significant achievement". ENDS For more information contact: International Ferro Metals Limited Parkgreen CommunicationsStephen Turner, Managing Director Simon Robinson / Clare IrvineMob: +61 418 440 844 Tel: 020 7851 7480www.ifml.com Grant Thornton Corporate FinanceFiona OwenTel: 020 7383 5100 This information is provided by RNS The company news service from the London Stock Exchange