IFL.L Regulatory News (IFL)

4 Apr 2007 07:59

International Ferro Metals Limited04 April 2007 4 April 2007 International Ferro Metals Limited ("IFM" or "the Company") Proposed Move to the Main List of the London Stock Exchange International FerroMetals Limited (AIM:IFL) announces that it has commenced the process to applyfor admission to the Main List of the London Stock Exchange ("LSE"). IFM hasappointed its broker Numis Securities as its adviser and sponsor in relation tothe proposed admission of the entire issued capital of the Company to theOfficial List of the UK Listing Authority and the Main Market of the LSE,together with the cancellation of admission of the shares to trade on AIM. It is proposed that IFM will issue a prospectus in June 2007 in support of itsapplication for admission to the Main Market of the LSE and that subject toapproval by the UK Listing Authority trading of the Company's shares on the MainMarket will commence prior to 30 June 2007. Ferrochrome price update Continued increases in global stainless steelproduction have further strengthened demand for ferrochrome. The restrictions onthe export of chromite ore from India introduced in March 2007 have limitedferrochrome production in China. These factors, together with low chromite andlow ferrochrome inventories have resulted in a tight ferro chrome market. Theprice of Charge Chrome increased on 1st April 2007 to US$0.83/lb* (up fromUS$0.75/lb* in the first quarter of 2007). * Metal Bulletin Research Chrome Production Update IFM plans to produce 267,000 tonnes of saleable ferrochrome per annum. Its mine,ore beneficiation plant and two ferrochrome furnaces continue to operate attheir design capacities. Pending commissioning of its sintering and pelletisingplant, expected before the end of April 2007, the Company's furnaces are runningon lumpy chromite ore. IFM's expected production costs at full production remainbelow US$0.40/lb. Progress at the integrated ferrochrome facility can be viewedon the Company's web site at www.ifml.com/Project%20Photos.aspx Stephen Turner, MD of International Ferro Metals commented "The shortage offerrochrome supply has created an ideal market for IFM's entry as a producer.This quarter's 10% increase in charge chrome prices, in a year in which the Randhas again depreciated against the revenue denominated US dollar, will flowthrough to our trading profit.The move to the main list of the LSE is planned to introduce IFM to a widersection of the investment community and in doing so increase liquidity in itsshares." ENDS For more information contact: International Ferro Metals Limited Brunswick GroupStephen Turner, Managing Director Carole Cable / Laure Korenian-ChabertMob: +61 418 440 844 Tel: 020 7404 5959www.ifml.com Grant Thornton Corporate Finance Numis Securities LimitedFiona Owen John HarrisonTel: 020 7383 5100 Tel: 020 7260 1000 This information is provided by RNS The company news service from the London Stock Exchange