24 Nov 2014 16:36
24 November 2014
International Ferro Metals Limited
("IFL" or the "Company")
Update on Section 54 notice
International Ferro Metals Limited, the integrated ferrochrome producer, announces that, this morning, prior to the Court proceedings and following the temporary suspension of production at its two ferrochrome furnaces and pelletiser, agreement was reached between counsel for IFL and the South African Department of Mineral Resources ("DMR") that the settlement agreement entered into on Friday, 21 November 2014, to suspend the Section 54 notice on certain conditions, will remain in force. The settlement agreement was made an order of the Court this afternoon.
The Company is confident that it has complied with both the Section 54 notice and the conditions put in place on Friday, 21 November (the "Conditions"), and on 25 November will make a presentation to the Principal Inspector of Mines to demonstrate this. In the event that the DMR is of the opinion that the Company has not complied with the Conditions, the matter will proceed in Court on Wednesday, 26 November at 10h00 local time.
As previously announced, the furnaces remain in operation and continue to ramp up with furnace 1 expected to reach normal production by 27 November, and furnace 2 to achieve similar levels of production by the end of November.
Management continues to assess the full impact of the suspension and a further announcement will be made in due course.
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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 / Charles Pemberton | +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.