17th Sep 2014 08:37
LONDON (Alliance News) - International Ferro Metals Ltd Wednesday said it has renewed its ZAR500 million loan facility with the Bank of China for another year.
The ferrochrome producer said the loan facility, which was due to expire on September 25, has now been extended to September 16, 2015.
"With the resumption of the UG2 ore supply from Anglo Platinum, we enter a new financial year in a position of relative strength," the company said.
Earlier this month, International Ferro Metals said it had received 20,000 tonnes of UG2 chrome concentrate supply during August, part of its supply deal with Anglo Platinum, a unit of FTSE 100-listed Anglo American PLC, which resumed last month.
It said it expects to receive 15,000 tonnes per month on an ongoing basis as part of the contract, along with a contracted backlog of 5,000 tonnes per month until the backlog is cleared. At the end of August, the backlog stood at approximately 94,000 tonnes.
The company said Wednesday that it will release its full-year results for the financial year to end of June, on September 29.
The company was trading 0.80% higher at 6.93 pence Wednesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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