24th Apr 2014 13:13
LONDON (Alliance News) - International Ferro Metals Ltd Thursday said its ferrochrome production and sales volumes increased in its first quarter, year-on-year, as it moved towards the restart of its Lesedi underground mine. However, production fell from the previous quarter, it said.
The ferro-chrome producer, with operations in South Africa, said its ferrochrome production increased 59% to 54,329 tonnes for the three months ended March 31, compared with 34,172 tonnes in the same period the previous year.
The company said its sales volumes also increased 45% to 60,521 tonnes from 41,630 tonnes and its operations, excluding working capital, were cash generative and profitable for the quarter.
However, the company did note that its ferrochrome production fell 7% when compared to its previous quarter due to a reduction in its recovered metal from the metal recovery plant and periods of reduced power.
Ferro-chrome is an alloy of chromium and iron and is used in the production of stainless steel, which relies on ferro-chrome for its appearance and to reduce corrosion.
The company added that it is progressing according to plan with its restart of the Lesedi underground mine. Detailed assessments of the material handling systems are underway and first ore is expected to be mined in July.
International Ferro Metals shares were down 1.7% to 9.80 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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