3rd Nov 2014 09:01
LONDON (Alliance News) - International Ferro Metals Ltd on Monday said its ferrochrome production fell in the third quarter owing to planned maintenance work, with sales also falling in line with the decline in production.
The company said ferrochrome production in the three months to the end of September was 48,126 tonnes, down 16% on the second quarter due to planned maintenance work on its furnaces. The company said the third quarter is traditionally weaker due to the maintenance work it does during the period.
Ferrochrome sales in the quarter was 48,143 tonnes, down 8% on the second quarter in line with the lower production.
During the quarter, the company said it successfully restarted work at the Lesedi underground mine in South Africa. It added its co-generation plant is set to restart in the second quarter of 2015 following redesign work.
"As guided at our full-year results, the third calendar quarter is traditionally a weaker quarter for the company, due to the planned annual maintenance of the furnaces and the impact of this on production volumes and associated costs," said International Ferro Chief Executive Officer Chris Jordaan.
"Although costs have increased during the quarter due to higher winter power tariffs, we expect these to normalise again during the last three months of the calendar year," he added.
International Ferro shares were down 14% to 4.95 pence on Monday, making it one of the worst performers in the London market.
By Sam Unsted; [email protected]; @SamUAtAlliance
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