1 Sep 2014 07:00
1 September 2014
International Ferro Metals Limited
("IFL" or the "Company")
UG2 supply update
IFL is pleased to announce that pursuant to its supply agreement with Anglo Platinum, it has received 20,000t of UG2 chrome concentrate supply in the month of August, ahead of its previous expectations for the month. The Company now expects to receive 15,000t per month on an ongoing basis together with the contracted backlog of 5,000t per month until the backlog is extinguished. At the end of August the backlog was approximately 94,000t.
Chris Jordaan, Chief Executive of IFL commented:
"We are very pleased that the supply of UG2 has recommenced from Anglo Platinum, which delivers UG2 at a cost significantly below the Company's in-house production cost of chrome concentrate, and is a direct contributor to profitability. The resumption of UG2 ore gives us increased confidence that this year's production cost will be lower than that achieved for the final quarter of FY2014."
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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 / Fiona Micallef-Eynaud | +44 (0) 20 7404 5959 |
Numis Securities Limited James Black / 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.
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.