This rising star seems to have been overlooked by this board. It is strongly tipped in todays Sun Times as extremely undervalued still with much more interest when it moves to the main list in a few weeks time--straight into the ftse 350. The institutions are coming onboard and I'm happy with my long term hold.

too true - lots more to come here - be careful though on Monday that you do not buy too high

not up too much today--just a bit every day suits me! Its worth checking the other side for more detailed info.

International Ferro says 2 furnaces disrupted; sees FY output down by 11 pct
AFX


LONDON (Thomson Financial) - International Ferro Metals Ltd said it expects a reduction in its full-year ferrochrome production by up to 30,000 tonnes following a temporary disruption of production in two furnaces.

It said the disruption was triggered by an operational failure of pressure rings which hold the contact points against electrodes within the furnaces and two instances of faulty wiring in the ball mill of the pelletising plant.

The company said it expects production for the year ending June 30, 2008, to be about 237,000 tonnes, which could reduce its production and revenues by about 11 pct.

TFN.newsdesk@thomson.com

International Ferro sees profit margin hit by higher freight costs, weak dollar - AFX

LONDON (Thomson Financial) - International Ferro Metals Ltd said its profit margins for the year to date were hit throughout the South African ferrochrome industry due to higher freight charges and a weak dollar.

The company said it expects ferrochrome prices to remain close to the historic high at 1 usd per pound throughout the fourth quarter of 2007 and expects the prices to rise from Jan 1, 2008.

The integrated ferrochrome producer said it still sees loss of production from plant faults at 30,000 tonnes through to Jan 31, 2008.

It said feasibility study to increase its annual production capacity to 665,000 tonnes of ferrochrome is under way, and that it is continuing to hold talks with banks to secure debt finance for its expansion.

tf.TFN-Europe_newsdesk@thomson.com

Interesting this one !!

News out today:

International Ferro Metals Limited
06 December 2007

Operations Update

London, 6 December 2007 - International Ferro Metals Limited (LSE: IFL), the
integrated ferrochrome producer, is pleased to announce that the replacement
programme for its electrode pressure rings has been successfully completed one
month ahead of schedule.

Mining has begun at a new open pit mine on the Buffelsfontein site to provide
additional access to the chromite deposit thus increasing current tonnage to a
level above that currently consumed by its two ferrochrome furnaces. The surplus
production will be stockpiled ahead of the Company's planned expansion of its
smelting capacity.

The four percent appreciation of the US dollar against the Rand in the last
month will assist in restoring average profit margins throughout the South
African ferrochrome industry. Published ferrochrome prices are anticipated to
increase to a record high for sales in the first quarter of 2008.

Full details at:
RNS re IFL

I reckon this will start to recover. I remember listening in to a conference call in September when they explained what had gone wrong with the smelter - which had been the cause of the fall in the sp (see hlyeo's post No. 4 above). They've now repaired this one month ahead of schedule, which must be a good thing.

Now at 93-93.5p, up 3.61%. Looks like it could be picking itself up again.

IFL reported good Interims yesterday:

International Ferro says H1 loss narrows, in line with its expectations
AFX

LONDON (Thomson Financial) - International Ferro Metals Ltd said its first-half net loss narrowed on higher sales revenue, in line with its expectations, adding it continues to achieve increasing ferrochrome prices and the outlook for demand remains very positive.

The integrated ferrochrome producer said its net loss for the six months to Dec 31 narrowed to 23.86 mln South African rand from 71.63 mln rand last year. Sales revenue surged to 367.53 mln rand from 4.44 mln a year ago.

'These results are in line with our expectations given the production problems we experienced which, with the exception of the industry-wide electricity supply problems, have since been rectified,' chief executive Stephen Turner said.

For full details go to:
IFL Interims

Sp continues upwards today at 127.5-128p

Of interest also is this extract from the full RNS:

"Our environment:
IFL is the only South African ferrochrome producer that operates totally closed
furnaces and therefore does not have significant exposure to the environmental
liabilities arising from the operation of open furnaces. Other ferrochrome
producers in South Africa are moving to close or enclose their open ferrochrome
furnaces."

I'm back in this currently.

confidence returning here -I hope we'll soon be in new highs.

I think there are sound reasons for this to be a long-term hold but I'm far too jittery and like to take a decent profit when possible. Will certainly buy in again but may wait until it pulls back to around 120-125p, which has been a level of major resistance in the past year.

The sp has risen very sharply, from 116p to a high of 148p in just 5 days - I have learned to fear the force of gravity in such circumstances!

60p would be a fair price for IFL

hlyeo98
are you in now
its 75 at the mo. where do you see it next?
cheers

This snippet comes from the FT, as reported in MAM's Newsroundup on 22Aug:

"Flurry of activity in International Ferro Metals as takeover speculation swirls"

IFL has gone down to 50p...which is lower than I thought...the current slump in copper price will probably dip this even lower now.

made money on this today by going long at it's low point of 20% down.

you are lying.

You shouldn't judge everybody by your own dubious standards.

Just because you lie doesn't mean others do.

Just because I called it right doesn't mean u have 2 be jealous.

lolol

You're the biggest idiot on these boards who couldn't see an opportunity if it jumped up and struck you.

If you actually spent time looking at the share prices rather than coming out with verbal rubbish on here, you might actually make some money!

BTW it's called trading - you see an opportunity, in my case going long, hold it for a few hours max then sell.

I've already made loads with the builders by shorting. Haha!

Yeah right. I really believe you.

Excellent results this am. Managed to lock in nice profits on the initial surge although I am holding at slightly higher levels as well. With sp's all over the place, now just waiting for things to settle.

Some drop, down 30%.

Tipped as a buy by Questor in Telegraph today.
Any views out there?
Chart looks promising

This was the news couple of days ago, from Business Financial Newswire:
"IFL back on track as demand picks up
Full year revenues at International Ferro Metals fell 59% to ZAR782m as ferrochrome price in the fourth quarter plunged 64% to US$0.69 per pound. The firm posts an EBITDA loss of ZAR396m and a net loss before tax of ZAR456m compared with net profit of ZAR630m in 2008.
But it says its balance sheet remains strong with ZAR340m of cash while its excellent safety record had resulted in the company being certified ISO compliant during the year.
Chief executive David Kovarsky said: 'We are confident that the recent resumption in demand and stronger ferrochrome prices are sustainable and IFL is back on track to take advantage of this with an improved cost base.' "

It's been a good one to trade in the past, and I agree: the chart does look promising. [Don't know why I can't post them these days... used to be ok!]

I have seen quotes that the price of ferrochrome might reach $3/lb because of rising demand. Sounds optimistic, but metal prices are certainly on the up.

Looks like the Telegraphs Questor column gave IFL the kiss of death by recommending to buy at 58p,which I did. They have not stopped going down since.
Now at 49

Support at 49p but failing that good support at 38 - 40p.
Not followed this one at all, but would be very tempted to buy in at +/-40p.
Last sales figures are poor, but if demand for metals is now going to increase, then IFL should benefit. Interesting that figures are quoted in ZAR which I thought was quite weak atm.

Back on track here and rising nicely. I'm back in for a few in my isa.

That's good.They usually wait until I sell before they start going back up!

Despite the poor performance of the sp,2 of 3 brokers rate IFL a strong buy,the other neutral.
Obviously, the recovery in ferro metal price is key.

Funny goings on here.
Share price down 2.5 points(6%),yet strong buying

Anybody in the know as to why the price continues to drop,despite positive broker opinion.I bought after Questor reccommendation at .58 and they are now .38.
The price of f/chrome has fallen from about$.90 to $.80 over the last few months,so I expect that is part of the answer.

No idea but I hold. It just seems to be slipping away into oblivion.

The only 3 things I can think are

1) There is a big seller in the market still unloading
2) The market is going down to a double bottom and this is slowly heading down back to 10 - 20p
3) MM's trying to frighten PI's into selling their stock

To be honest atm it just doesn't look as though it is going back up so I don't suggest you buy anymore!

I have been disappointed with this share so now I've moved on--there are better invetments out there at the moment.

Me too.The trouble is,they only seem to go up when I sell.Consequently they are now 3 points higher,since selling this a.m.The message seems to be,"now that bast++d has sold.it's time to buy!
C'est la vie!

why not do a CFD with a guaranteed stop?

Quarterly management statement due to be released tomorrow.

There's something here about not selling at the bottom or buying at the top.

Bought back in after todays' positive statement
Should have waited another day
RNS Number : 3816C
International Ferro Metals Limited
12 November 2009






12 November 2009

International Ferro Metals Limited

("IFL" or the "Company")

Production Report for the three months to 30 September 2009

and Interim Management Statement

Highlights:

Ferrochrome production was 36,773 tonnes for the quarter to 30 September 2009, up sharply from the June 2009 quarter due to the start up of the second furnace

Ferrochrome sales were down from 41,916 tonnes in the June 2009 quarter when the Company was selling inventory plus production, to 36,383 tonnes in the September quarter

Inventory remained stable at 9,752 tonnes, compared to 9,362 tonnes at 30 June 2009

Net cash balance of ZAR433m as at 30 September 2009 (30 June 2009: ZAR340m)

Ferrochrome price was US$0.89 per pound for the September 2009 quarter, compared to US$0.69 for the June 2009 quarter




Post-period highlights

Ferrochrome price has increased to US$1.03 per pound for the December quarter of 2009






Three months to 30 September 2009

(tonnes)
Three months to

30 June 2009

(tonnes)
Three months to 30 September 2008

(tonnes)

Production
36,773
18,437
59,470

Ferrochrome sales
36,383
41,916
28,025

Ferrochrome stock at quarter end
9,752
9,362
33,265





Commenting on the operational update, Chief Executive Officer David Kovarsky said:

"Following increased ferrochrome demand and general shortages during the quarter we made a decision to start up the second furnace on 17 August 2009, having switched on the first furnace on 20 April 2009. The start up went smoothly and production is now running at full Eskom constrained capacity. With the prospect of continued ferrochrome price increases through 2010, IFL is well placed to take full advantage of its strategic access to growth in stainless steel production."



Ferrochrome market conditions

Since the beginning of 2009, global stainless steel production volumes have steadily increased and although there has been a recent slowdown over the quarter under review, it is expected that the upward trend will resume from the beginning of 2010.

Production

Production for the quarter to September 2009 was 36,773 tonnes compared with 18,437 tonnes in the previous quarter when only one furnace was in operation and 59,470 tonnes for the quarter to 30 September 2008 when both furnaces were running at full capacity after allowing for electricity constraints. Both furnaces are now running smoothly and achieved Eskom constrained nameplate capacity towards the end of October.

Sales

Ferrochrome sales were 36,383 tonnes for the quarter compared with 41,916 tonnes in the previous quarter when the Company was selling stockpiled material as well as production. These sales were executed in all of the Company's traditional markets: China, Europe and the United States. The strength of the Rand has adversely impacted achieved ZAR revenues and reduced margins.

Inventory and costs

Costs have been well controlled during the quarter.

Stock levels were low in the June quarter due to increased sales and are currently low as IFL turned on its second furnace part-way through the September quarter. The Company is now rebuilding inventory to more normal levels in response to expected increases in electricity prices due to regulatory tariff charges and seasonal pricing and in response to expected increases in the ferrochrome price.

Capital expenditure

Total capital expenditure budgeted for the remainder of the financial year is ZAR350 million which includes ZAR190 million for the electricity co-generation project and ZAR80 million for mine development.

The mine capital programme has begun with the MG2 decline expected to be completed by the end of November 2009. Development of the MG1 decline has commenced.

Construction of the co-generation plant, which will allow the Company to generate 10% of its electricity requirements at significantly lower cost, after allowing for carbon credits, is well underway and will be commissioned in the second half of 2010.

Cash

The Company's balance sheet remains strong with net cash of ZAR433m at the end of September 2009 and the ZAR500 million Bank of China working capital facility in place. The Company will continue its prudent management of cash and resources.

Outlook

Due to a lack of transparency in demand from developing economies and the outlook for the Rand and electricity costs, the Company remains cautious in the near term. However, on an operational level, the Company's furnaces are operating efficiently, mining development has commenced as planned and the development of our co-generation project is on track. Our strategic relationships are key in harnessing the growth in demand in China and our belief in the outlook for stainless steel demand in the long term remains intact.




Other than as detailed above in this Interim Management Statement, there have been no material events or transactions in the period from 1 October 2009 to 12 November 2009.




For further information please visit www.ifml.com or contact:




International Ferro Metals Limited

David Kovarsky, Chief Executive Officer
+27 82 650 1192

Brunswick Group

Patrick Handley / Carole Cable
+44 (0) 20 7404 5959

Numis Securities Limited

John Harrison / 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.


This information is provided by RNS
The company news service from the London Stock Exchange

END

The most important thing is that the price of chrome has shot up and the sp should have support at this level....jumped in for the first time here on recovery hopes.

RF What is the best site for accessing metal prices?

FT (financial times)...I think....I shall have to sign up myself one of these days...

From the "UPS" thread late yesterday ..........

Master RSI - 19 Nov'09 - 22:00 - 170 of 180 edit

KEEP and EYE

IFL 40.675p ( 40.25 / 41p )

Moving slowly from lows, the last candlesticks have given a buy signal ( short term )

Master rsi you cloud be right i see a brake out coming 49p/50p charts look good

And about time too!

Expected rises on the price of ferrochrome says CEO ...........

20 November 2009
London-listed South African ferrochrome producer International Ferro Metals (IFM) says in a report on page 10 of this edition of Mining Weekly that it expects the ferrochrome price to continue to rise throughout 2010. IFM CEO David Kovarsky expects the upward trend to resume as 2010 kicks off, despite the downturn in demand in the September quarter.

The ferrochrome price is $1,03/lb currently, up from $0,89/lb in the September 2009 quarter, and $0,69/lb in the June quarter. The $1,03/lb price level is expected to persist as Europe and North America adopt it as the benchmark. Though the spot price of ferrochrome has been softer in China, it is expected to firm once Chinese stockpiles normalise.

ferrochrome prices

MRSI. Thanks for info.
The Telegraph rated IFL a buy at 58,so there should be a good deal of mileage here.

The rebound in IFL may have started today (up 3 to 27).If so, it is about time.It could be a good one as it is down well over 50%

This news should,I think ,give the stock a big boost. It is already up a third from recent lows.

21 January 2010




International Ferro Metals Limited

("IFL" or the "Company")




Production report for the three months to 31 December 2009




Highlights:

Production was 57,942 tonnes for the three months to 31 December 2009 ("Q2 FY2010"), up 85%
on the three months to 31 December 2008 ("Q2 FY2009") following the successful start-up of the second furnace in August 2009

Ferrochrome sales volumes were up 61% for the three months under review compared with the previous year, reflecting the suspension of production which took place in November 2008

Ferrochrome inventory was 32,504 tonnes as at 31 December 2009, reflecting management's decision to increase inventory above normal levels

Second furnace started up during August 2009 and both furnaces are now operating at Eskom constrained capacity

Electricity co-generation plant is on schedule and on budget for commissioning during the second half of calendar 2010

Net cash balance of ZAR248 million as at 31 December 2009.




Ferrochrome
Three months to 31 Dec 2009



Three months to 31 Dec 2008



Three months to 30 Sept 2009



Six months to 31 Dec 2009



Six months to 31 Dec 2008




Production tonnes
57,942
31,289
36,773
94,715
90,759

Sales tonnes
34,553
21,410
36,383
70,936
49,435

Stock at period end
32,504
42,523
9,752









Commenting on the operational update, Chief Executive David Kovarsky said:

"Following the successful start up of our second furnace in August 2009, the Company has built up inventory levels in anticipation of higher ferrochrome prices in 2010. So far in 2010, stainless steel production and demand have both strengthened and the management and Board are confident that the Company is well placed to take advantage of a revival in the global stainless steel and ferrochrome markets due to its strong balance sheet, furnaces are running at high utilisation levels, and strong relationships exist with the Chinese market."




Ferrochrome Market Conditions

The revival of the ferrochrome market in August 2009 led the Company to start up its second furnace in the expectation that this trend would continue. Benchmark prices mirrored this expectation with the Q4 2009 European benchmark price increasing to US$1.03 per pound, from US$0.89 in Q3 2009. However due to stainless steel overstocking and, to a lesser extent, an increase of global ferrochrome production and overstocking, this momentum slackened towards the end of Q4 2009. Ferrochrome benchmark and spot prices came under pressure, with the European benchmark price reducing by 2 cents to US$1.01 per pound for Q1 2010.




Metal Bulletin has reported that since the beginning of the calendar year strong Chinese demand for ferrochrome and higher South African costs have resulted in increases in the ferrochrome spot price. Ferrochrome demand in Europe and the USA is also rising although stainless steel production in these markets is improving from a very low base.




In anticipation of future increases in electricity prices and to allow IFL to benefit from future price increases, the Company decided to increase inventory over the quarter under review from the low levels reported at the end of the September 2009 quarter.




IFL's strategic relationship with JISCO, and marketing campaigns to China partnered with JISCO, have historically led to improved customer relationships and a competitive advantage in the Chinese market. IFL intends to continue to focus its marketing efforts on the Chinese market in 2010 as well as supplying its other markets.




Production

Production for Q2 FY2010 (57,942 tonnes) increased by 58% compared with Q1 FY2010 (36,773 tonnes) due to the start-up of the second furnace in August 2009. Production for H1 FY2010 was 4% higher than in H1 FY2009. We are particularly pleased to note that the Company achieved record production for the month of December 2009 of 21,898 tonnes.




Sales

Sales increased from 21,410 tonnes in Q2 FY2009 to 34,553 tonnes in Q2 FY2010 and half year sales increased 43% from 49,435 tonnes in H1 FY2009 to 70,936 tonnes in H1 FY2010. The bulk of sales were made under contract at prices which were higher than those available during the quarter on the spot market.



Inventory

As detailed in the production report and IMS released to the market on 12 November 2009, IFL took steps to rebuild its inventory over the quarter under review from the low levels at the end of September 2009 of 9,752 tonnes to 32,504 tonnes at 31 December 2009 in order to take advantage of the expected increases in ferrochrome and electricity prices.



The current inventory level is higher than the approximately one month's production which the Company would normally maintain.




Capital expenditure

Capital expenditure budgeted for the remainder of the financial year is ZAR304 million which includes ZAR187
million for the electricity co-generation plant and ZAR58 million for mine development. There is no other planned significant capital expenditure and IFL remains focused on controlling costs.




Cash balance

As at 31 December 2009, the Company's net cash balance was ZAR248 million (ZAR448 million cash less ZAR200 million drawn on the ZAR500 million working capital facility), against a net cash balance of ZAR433
million on 30 September 2009. The decrease in net cash was principally due to the build up of finished stock,
and to a lesser extent an increased working capital requirement, planned capital expenditure, and unrecovered overhead.




Outlook

Since the beginning of the year stainless steel production utilisation levels, particularly in China, have
increased. This has had a positive impact on ferrochrome demand and spot prices. This trend is similar to those experienced by other commodities and has been driven by Chinese growth and a stabilisation of other economies. We expect this trend to continue.




The Company is well placed to take advantage of this revival with its strong balance sheet, furnaces running at high utilisation levels, and strong relationship with the Chinese market.




All major capital expenditure projects are running on time and on budget. This will further enhance the Company's production capacity and cost base, ensuring that IFL is well positioned to benefit from improving market conditions.







The Company's interim financial statements for the six months ended 31 December 2009 will be released on
23 February 2010.

Sold out last month at a loss......it's looking better now....

Further good news on top of last months anouncement of quarterly production up by 85%.


17 February 2010



International Ferro Metals Limited
("IFL" or the "Company")



Agreement with Anglo Platinum for chromite supply derived from UG2



The Company has entered into an agreement with Rustenburg Platinum Mines Limited ("RPM"), a subsidiary of Anglo Platinum Limited, whereby IFL will pay approximately ZAR150m for the construction of a chrome re-treatment plant ("CRP") to treat the tailings arising from RPM's UG2 concentrator situated at their Waterval section. The CRP's primary objective will be to extract chromite from the tailings. The CRP will be constructed and commissioned by an EPCM Contractor and owned, maintained and operated by RPM.



IFL will be entitled to 15,000 tonnes of chromite per month (tpm) at no cost other than the cost of transporting the concentrate to its facilities at Buffelsfontein, which is about 50km from the CRP. The 15,000tpm represents almost 30% of the Company's current concentrate requirements and the effective cost of the concentrate will be significantly below the Company's in-house mining cost.



The contract endures for ten years from commencement of the project and IFL is entitled to 15,000tpm from the date of commissioning of the CRP. It is estimated that IFL will therefore receive concentrate for a period of nine years. Construction on the CRP is expected to commence in June 2010 and commissioning is expected to follow 12 months later. The Company will fund the project using existing cash facilities.



David Kovarsky, Chief Executive Officer of IFL commented:



"This is a very exciting and innovative deal for International Ferro Metals and we are very pleased to be partnering with Anglo Platinum, the world's leading primary producer of platinum group metals. This new source of chromite supply for our two furnaces will reduce our input cost and will enable us to better leverage the improving ferrochrome market conditions. This agreement and the start up of the co-gen plant expected in the second half of the calendar year illustrates the management's focus on lowering costs and increasing production capacity."



ENDS




For further information please visit www.ifml.com or contact:



International Ferro Metals Limited

David Kovarsky, Chief Executive Officer

Mob: +27 82 650 1192



Brunswick Group

Carole Cable / Fiona Mulcahy

Tel: +44 (0) 20 7404 5959



Numis Securities Limited

John Harrison / Stuart Skinner

Tel: +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.






This information is provided by RNS
The company news service from the London Stock Exchange

RNS Number : 5158H
International Ferro Metals Limited
23 February 2010











23 February 2010



International Ferro Metals Limited
("IFL" or the "Company")



Interim Financial Results for the half year to 31 December 2009





Highlights

Financial highlights

Sales volumes increased to 71kt, up 35% on the June 2009 half

Higher sales volumes but lower ferrochrome prices and a stronger Rand resulted in

o Revenue of ZAR452m for the December 2009 half, down 14% on the December 2008 half, but up 77% on the June 2009 half

o Loss before tax of ZAR145 millionin the December 2009 half, an increase from the ZAR27 million loss in the December 2008 half but a significant improvement from the ZAR429 million loss in the June 2009 half

Net cash balance of ZAR248 million as at 31 December 2009

No interim dividend to be paid

Operational highlights

Production volumes increased by 4% to 95kt

Rand production costs in line with budget

Second furnace started up during August 2009 and both furnaces are now operating at Eskom
constrained capacity

Ferrochrome inventory was 33kt as at 31 December 2009, reflecting management's decision to
increase inventory above normal levels

Electricity co-generation plant is on schedule and on budget for commissioning during the second

half of calendar 2010



Post period highlights

Innovative UG2 chrome supply contract with Anglo Platinum for 15kt per month expected to reduce
costs

Significantly improved ferrochrome market conditions





Six months to 31 December 2009
Six months to 31 December 2008
Six months to 30 June 2009
% Change between six months to 31 December 2009 & six months to 30 June 2009



(ZAR'000)
(ZAR'000)
(ZAR'000)



Sales revenue
451,917
526,057
255,517
77%

Cost of goods sold
(509,055)
(456,560)
(412,417)
23%

Gross (loss) / profit
(57,138)
69,497
(156,900)
-64%

Loss before tax
(144,842)
(26,809)
(428,970)
-66%

Net (loss) / profit after tax
(105,093)
3,251
(341,830)
-69%

(Loss) / profit per share (ZAR cents)
(19.08)
0.81





Production volumes (tonnes)
94,715
90,759
19,605
383%

Sales volumes (tonnes)
70,936
49,435
52,400
35%










David Kovarsky, Chief Executive Officer of IFL commented:



"With both our furnaces operating at full capacity for most of the half year under review, we were able to increase sales volumes by 35% albeit at a lower ferrochrome price and in a stronger Rand environment. Our Rand denominated costs have now stabilised and we are continuing to manage our inventory and look for further opportunities to increase our margins and production volumes. The announcement of our UG2 chrome supply contract with Anglo Platinum last week illustrates the innovation of the management team and our focus on finding opportunities to reduce costs. The cash on our balance sheet gives us the strength to take advantage of opportunities as they arise."



There will be a presentation to analysts of the interim results today, Tuesday 23 February 2010 at 8.30am (UK time) at 16 Lincoln's Inn Fields, London WC2A 3ED. The presentation slides and a recording of the presentation will be available on the Company's website.



For further information please visit www.ifml.com or contact:



International Ferro Metals Limited

David Kovarsky, Chief Executive Officer

Mob: +27 82 650 1192



Brunswick Group

Carole Cable / Fiona Mulcahy

Tel: +44 (0) 20 7404 5959



Numis Securities Limited

John Harrison / James Black

Tel: +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 their 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.




Operational and Financial Review



During November 2008 the Company turned off both its furnaces due to the sharp and sudden collapse in ferrochrome demand. In April 2009 one furnace was restarted to convert raw materials to finished product. The market began to show some improvement and the furnace was kept in production after the raw materials conversion campaign ended.



A recovery in ferrochrome market conditions in the second half of 2009 led to the start up of the second furnace, increased sales volumes and significantly improved results over the previous six months. The results however remained markedly below levels reached in the six months to 31 December 2008 ("the comparative period"). The Company reported a loss before tax of ZAR144.8 million for the six months ended 31 December 2009 ("the period") against a loss of ZAR429 million in the previous six months and a loss of ZAR26.8 million for the comparative period.



The average European ferrochrome benchmark price for the period of US$0.96/lb was US$0.99 lower than the US$1.95/lb average price for the comparative period but US$0.20 higher than the previous six months. While ferrochrome production increased by only 4% (to 95kt) from the comparative period, sales volumes increased by 43% to 71kt. The more than halving of ferrochrome prices and the strengthening Rand however resulted in sales revenue decreasing by 14% to ZAR452 million from the comparative period but increasing by 77% from the previous six months.



Production costs in Rand terms were in line with budget and significantly lower than in the comparative period during which coke prices reached record levels, although these savings were partially offset by the increase in electricity prices. The production cost per pound for the period was US$0.80/lb at an average exchange rate of ZAR7.63/$ compared with the Company's forecast made in September 2009 of US$0.72/lb at ZAR8.25/$ which equates to US$0.78/lb at ZAR7.63/$. The constituents of the US$0.80/lb production costs were: ore 22.3c (28%); reductant 22.8c (29%); electricity 14.2c (18%); operating costs 5.2c (6%); fixed costs 11.0c (14%); and depreciation 4.2c (5%).



Administration and other expenses decreased from ZAR196 million in the comparative period to ZAR67 million. This was primarily due to a reduction in both inventory write-downs and unabsorbed fixed costs and the Company's continued focus on controlling costs.



In order to take advantage of the expected increases in ferrochrome and electricity prices, the Company has been rebuilding its ferrochrome inventory from the low levels at the end of June 2009 of 9,362 tonnes to 32,504 tonnes at the end of December 2009.



In July 2009 the Company secured a ZAR500 million three year working capital facility from Bank of China of which ZAR200 million was drawn down as at 31 December 2009. On 3 August 2009 the Company raised ZAR284 million, before expenses, through a share placement, the proceeds of which will be used principally to fund the electricity co-generation plant. The net cash balance at 31 December 2009 was ZAR248 million against a net cash balance of ZAR340 million at 30 June 2009. The ZAR248 million cash is calculated as ZAR395 million cash on balance sheet plus ZAR52 million cash guarantees for the co-generation plant, less the ZAR200 million drawn on the working capital facility.



Operating activities utilised ZAR274 million cash during the period of which ZAR244 million relates to increased inventories of ferrochrome and raw materials. Capital expenditure for the period was ZAR61 million and the budget for the remainder of the financial year is ZAR304 million which includes ZAR187 million for the electricity co-generation plant and ZAR58 million for mine development.



EBITDA loss for the period increased to a loss of ZAR102 million from a loss of ZAR2 million for the comparative period, although this represents a significant decrease from a loss of ZAR394 million for the previous six months. The positive tax charge of ZAR40 million to the income statement is a deferred tax credit resulting from the Company's unclaimed calculated tax losses and unredeemed capital balance available for offset against future profits. Headline earnings per share decreased from a profit of ZAR0.01 per share for the comparative period to a loss of ZAR0.19 per share.



Stainless Steel and Ferrochrome Market Review



The stainless steel market continues to strengthen with European and US utilisation rates increasing significantly in recent weeks, albeit from a low base. Chinese utilisation rates continued at a high level right until the Chinese New Year. Ferrochrome demand has reflected increased stainless steel production and has increased consistently throughout the December 2009 quarter with spot prices increasing in all markets. Market commentators are predicting an increase in the ferrochrome price in the second quarter of 2010.



Over the past twelve months the Company has secured additional long term contracts in Europe and the United States with the objective of placing half of the Company's production under long term contracts. To date one third of IFL's production is under long term contract and it is expected that within six months the balance should be secured. The Company's relationship with major customers in all geographic areas is now well entrenched.



Agreement with Anglo Platinum for Supply of Chromite Derived from UG2



The Company has entered into an agreement with Rustenburg Platinum Mines Limited ("RPM") a subsidiary of Anglo Platinum Limited whereby IFL will pay approximately ZAR150 million for the construction of a chrome re-treatment plant ("CRP") to treat the tailings arising from RPM's UG2 concentrator situated at their Waterval section. The CRP's primary objective will be to extract chromite concentrate from the tailings. The CRP will be constructed and commissioned by an EPCM Contractor and owned, maintained and operated by RPM.



The CRP plant will be capable of producing 50,000 tonnes of chrome concentrate per month and IFL will be entitled to 15,000 tonnes per month (tpm) of chromite at no cost other than the cost of transporting the concentrate to its facilities at Buffelsfontein, which is about 50km from the CRP. The 15,000tpm represents almost 30% of the Company's current beneficiated ore requirements and the effective cost of the concentrate would be significantly below the Company's in-house mining cost.



The contract endures for ten years from commencement of the project and IFL is entitled to 15,000tpm from the commissioning of the CRP. It is estimated that IFL should therefore receive concentrate for a period of nine years. Construction on the CRP is expected to commence in June 2010 and commissioning is expected to follow 12 months later. The Company will fund the project using existing cash facilities.



Mining Operations



The earlier than anticipated start up of the second furnace in August 2009 and a revision of the Lesedi underground mine plan has resulted in the Company having to buy in chrome ore. The Anglo Platinum UG2 concentrate is expected to provide for the shortfall in supply in approximately one year's time and IFL has purchased ore to fulfil its production needs until the UG2 CRP has been commissioned. These requirements have not been fully secured for the next 12 months but the Company is confident that they will be met without a significant impact on overall costs. Because the open pit has significant quantities of low grade ore, the Company will continue to purchase high grade ore to blend with the open pit material. These purchases represent between ten and fifteen percent of ore requirements.



Mining operations were resumed on a limited scale in late 2009 and increased at the beginning of 2010. Most of the focus over the period under review has been on mine development. The negotiations regarding the appointment of a mine contractor are well advanced and it is expected that an appointment should be made by the end of March 2010. The winning contract is expected to be on a fixed cost basis over a three year period with allowances for escalations. Production of ore from the mine is expected to increase significantly shortly after the appointment of the contractor at costs materially below current mining costs.



The Company is reviewing the Sky Chrome mine plan and it is expected that this review will be completed within two months. The application for the Sky Chrome mining licence is proceeding according to expectations and it is expected to be granted by the middle of 2010.



Expansion



The South African electricity crisis in early 2008 and the global economic crisis later that year put a hold on the Company's planned expansion activity. Before those crises it was expected that the company would expand from its current ferrochrome production capacity of 267,000 tonnes per year (tpy) to 665,000tpy. In light of current economic conditions and the anticipated electricity supply increase in 2012 from the Medupi power plant, the Company is conducting pre-feasibility studies on expanding its operations. The feasibility study will include a review of the use of other technologies such as pre-reduction and Direct Current (Plasma) furnaces. All of these technologies include the use of off-gases to generate power on the same basis as the co-generation plant which is expected to be commissioned in the second half of calendar 2010 that will supply the Company with 10% of its energy requirements. The Company is also exploring funding alternatives that range from project finance to joint ventures with stainless steel producers. It is expected that the feasibility studies will be completed by January 2011.



Dividends



The Board of Directors resolved not to declare an interim dividend for the six months ended 31 December 2009.



Outlook



Stainless steel utilisation rates have increased in the US, Europe and China over the past three months driven by restocking in developed countries and growth from fiscal stimulus in China. This has had a positive impact on demand for ferrochrome. Whilst we expect short term demand to remain positive, there may be volatility along the way. However, long term we are confident that demand for South African ferrochrome will remain strong as developing economies continue to urbanise and industrialise and look for diversity and security of supply. IFL will continue to look for and implement innovative ways to preserve margins and expand production in order to adapt to changing market conditions.



The interim financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). An abridged version of the financial statements follows; the full set for the period is available on the Company web site www.ifml.com.




Abridged Financial Statements



Consolidated Income Statement

For the half year ended 31 December 2009







CONSOLIDATED





31 Dec 2009
31 Dec 2008





R'000
R'000










Sales revenue


451,917
526,057

Cost of goods sold


(509,055)
(456,560)

Gross (loss) / profit


(57,138)
69,497










Other income / expenses









Administrative and other expenses


(67,147)
(196,343)

Share-based payment (expense) / income


(2,848)
43,924

Foreign exchange (loss) / gains


(9,608)
49,543

Loss before interest and tax


(136,741)
(33,379)










Finance income


6,540
27,215

Finance costs


(14,641)
(20,645)

Loss before tax


(144,842)
(26,809)










Deferred tax


39,867
31,698

Current tax expense


(118)
(1,638)

(Loss) / profit after tax for the period


(105,093)
3,251










Attributable to:







Non-controlling interests


(1,134)
(864)

Equity holders of the parent


(103,959)
4,115





(105,093)
3,251




























Earnings per share (cents per share)







- basic (loss) / earnings per share


(19.08)
0.81

- diluted (loss) / earnings per share


(19.08)
0.81







Consolidated Statement of Financial Position

At 31 December 2009







CONSOLIDATED





31 Dec 2009
30 June 2009





R'000
R'000










Assets







Current assets







Cash and cash equivalents


395,344
340,089

Trade and other receivables


69,132
81,059

Prepayments


18,553
6,263

Inventories


434,619
195,820

Other current financial assets


52,447
-

Total current assets


970,095
623,231










Non-current assets







Deferred tax asset


106,520
66,653

Financial assets


10,712
8,550

Property, plant & equipment


1,829,698
1,798,151

Intangible assets


9,882
10,062

Other non-current financial assets


22,490
18,234

Total non-current assets


1,979,302
1,901,650

Total assets


2,949,397
2,524,881










Equity and liabilities







Current liabilities







Interest-bearing loans and borrowings


8,959
24,988

Provisions


17,890
12,411

Trade and other payables


138,344
81,010

Total current liabilities


165,193
118,409










Non-current liabilities







Interest-bearing loans and borrowings


265,308
64,053

Provisions


21,017
13,307

Total non-current liabilities


286,325
77,360

Total liabilities


451,518
195,769

Net assets


2,497,879
2,329,112










Shareholders' equity







Contributed equity


3,088,240
2,814,380

Share-based payment reserve


8,272
8,272

Accumulated losses


(593,272)
(489,313)

Non-distributable reserve


(6,044)
(6,044)

Equity attributable to equity holders of the parent


2,497,196
2,327,295

Non-controlling interests


683
1,817

Total shareholders' equity


2,497,879
2,329,112



































































Consolidated Statement of Cash Flows

For the half year ended 31 December 2009







CONSOLIDATED





31 Dec 2009
31 Dec 2008





R'000
R'000










Cash flows from operating activities







Receipts from customers


464,033
805,706

Payments and advances to suppliers and employees (inclusive of goods and services tax)


(724,030)
(1,109,570)

Phantom options exercised and paid


(427)
-

Interest paid


(13,530)
(17,534)

Net cash flows utilised in operating activities


(273,954)
(321,398)










Cash flows from investing activities







Payments for property, plant & equipment


(60,772)
(103,785)

Restricted cash payments


(58,157)
-

Interest received


6,540
27,215

Net cash flows utilised in investing activities


(112,389)
(76,570)










Cash flows from financing activities







Proceeds from issues of shares


286,755
-

Proceeds from borrowings


200,000
200,000

Repayment of borrowings


(21,797)
(6,094)

Payment of share issue costs


(12,895)
-

Payment of share buyback


-
(20,032)

Equity dividends paid


-
(76,148)

Net cash flows from financing activities


452,063
97,726

Net increase / (decrease) in cash held


65,720
(300,242)

Cash at the beginning of the financial period


340,089
972,190

Effects of exchange rate changes on cash


(10,465)
31,875

Cash and cash equivalents at the end of the period


395,344
703,823














This information is provided by RNS
The company news service from the London Stock Exchange

END


IR LLFEAFSIFFII

IN BRIEF:
First half losses piled up at ferrochrome producer International Ferro as a combination of lower ferrochrome prices and a stronger Rand outweighed higher volumes. Revenues fell 14% to R452m for the six months to December 2009, though this was up 77% on the previous six months.

The Questor column in the Telegraph presents a quite positive outlook for IFL.

Questor share tip: Hold International Ferro Metals ferrochrome prices are rising again
Ferrochrome miner International Ferro Metals (IFM) was first tipped by this column at 56p last August but by December, with the shares having lost more than half their value, the tip was labelled an "utter disaster" and its timing "utterly wrong".

By Questor
Published: 7:00AM GMT 24 Feb 2010

International Ferro Metals
International Ferro Metals

33p -2p


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The logic behind the initial tip was that ferrochrome prices, set on a quarterly basis in talks between producers and customers, appeared to be at a bottom, but they fell further.

Questor deemed in December that the shares, with most of the bad news priced in, were worth holding on to, and yesterday, as the company announced interim results, the message from David Kovarsky, chief executive, was that he could see the "light at the end of the tunnel".

IFM mines ferrochrome in South Africa. Between 80pc to 90pc of ferrochrome is used in the production of stainless steel, which is used for a wide variety of purposes from making cutlery to constructing building fades. Stainless steel consists of about 18pc of ferrochrome alloy. IFM is listed in London, although its operations are located in the North West province of South Africa, where the majority of global ferrochrome supplies are found, and the head office is in Sydney.

IFM's results for the half-year to December were a sharp improvement on the depths of the previous half. Sales volumes increased 35pc, revenue rose 77pc to R452m (37.6m), and the loss before tax narrowed from R429m to R145m.

These figures were still significantly lower than those recorded in the second six months of 2008 when revenues were 14pc ahead of the latest data but the upward trend should encourage investors, especially given the difficulties posed by the low ferrochrome prices and a strong rand.

The company appears to have weathered the storm robustly and used the period to take a tighter grip on costs. A partnership with Anglo Platinum, announced last week, will deliver 30pc of IFM's ore requirements at only the cost of transport, while a co-generation plant, due to launch later this year, will allow the company to generate 10pc of its electricity requirement a major cost by harnessing gases that naturally occur during processing.

The key, though, is that Mr Kovarsky referred to a "significantly improved" ferrochrome market with rising stainless steel utilisation rates in Europe, the US and China. Economic recoveries in those areas should help to drive up the ferrochrome price and belatedly deliver the value Questor identified last summer.

"This is the most positive I have felt since October 2008," the chief executive said.

The stock has gained 33pc since the gloom of our December analysis, but investors should hang on for the brighter outlook. Hold.

likely the chinese will take them over.

Halifax
Is there any special reason for this viewpoint?

sp suddenly spurting upwards.

sp up again today towards the close, must be a buyer waiting in the wings.

strong again today up 5%.

This report of a few months back might help explain the situation a little bit.


FERROCHROME
Ongoing ferrochrome price rises expected in 2010 IFM
0 COMMENTS | ADD A COMMENT PRINT EMAIL |

By: Martin Creamer
13th November 2009
TEXT SIZE JOHANNESBURG (miningweekly.com) Increases in the price of ferrochrome are likely to be ongoing throughout 2010, says London-listed South African ferrochrome producer International Ferro Metals (IFM).

IFM CEO David Kovarsky expects the upward trend to resume from the beginning of 2010, despite the downturn in demand in the September quarter.

"What the commentators say is that there was an overstocking of stainless steel inventory in China, which was a result of exports into China by Japan, Taiwan, Korea and Europe.

"I think that will ease off by the end of the year and I think that will calm the demand-supply equation," Kovarsky adds.

The ferrochrome price is at $1,03/lb in the December quarter, up from $0,89/lb in the September 2009 quarter, and $0,69/lb in the June quarter.

The $1,03/lb price level is expected to persist as Europe and North America adopt it as the benchmark.

Though the spot price of ferrochrome has been softer in China, it is expected to firm once Chinese stockpiles normalise.

"I think that the Chinese spot price will resemble the benchmark price and commentators are saying that they expect further price increases in the first half of next year," says Kovarsky.

"Although we remain cautious for demand in the near-term, I believe the outlook for stainless steel demand remains intact," says Kovarsky.

IFM started up its second furnace on August 17, after switching on its first furnace on April 20.

"The start up went smoothly and production is now running at full Eskom constrained capacity," Kovarsky said.

On the proposal of South Africa's State-owned electricity utility Eskom to increase its tariff by 45% a year in the next three years on top of this year's 30% increase, Kovarsky says that the tariff would make the South African ferrochrome producers higher cost producers.

But a key aspect is that South Africa, as the largest producer, is generally the price maker and any costs that are increased in South Africa will be built into the selling price, which will have to cater for a higher electricity cost.

Kovarsky doubts whether higher priced product from South African producers would be spurned because of the dependence on South Africa.

"To make up that slack would be extremely difficult. If anything, I think that there is going to be a shortage of capacity in a couple years time because of the constraints that South Africans have on their electricity," Kovarsky adds.

"The first area for the pick up in demand will be China. The Chinese consumption is extremely strong. The three key areas of consumption of stainless steel in China are in construction, infrastructure and automotive and all three are doing well.

"From what we have seen, the destocking should cease by year-end and we should start seeing the pick up of production activity in China and therefore a pick up in demand for ferrochrome.

"I was in the US a couple of weeks ago and although production is relatively low, stainless steel producers are anticipating higher demand. Stainless steel stockists were delaying purchases because of the spike in the nickel price, but the nickel price has since come down and the US expectation is that things are going to pick up in the near future," he says.

IFM is rebuilding its inventory to more normal levels to take advantage of further increases in the ferrochrome price.

Global stainless steel production has increased steadily since the start of 2009 and, although there has been a recent slowdown over the quarter under review, it is expected that the upward trend will resume from the beginning of 2010.

Eloquent IFM chairperson, Tony Grey, quoting Shakespeare, says: "To afford comfort in a time of great stress, Macbeth said, Come what come may, time and the hour run through the roughest day'.

"For the company, the year that has just passed was a period that called for such an observation, Grey says.

The blow of the global financial crisis knocked the ferrochrome producers off balance, but they have slowly got back on their feet, after promptly reducing production.

The scene is now set for better days: "We are now rebuilding inventory to more normal levels to take advantage of any increase in the ferrochrome price and to mitigate against the expected increase in electricity prices in 2010," Kovarsky tells Mining Weekly Online.

IFM produced 36 773 t in the three months to September 30, up from the 18 437 t of the June quarter.

The company's ferrochrome sales of 36 383 t in the September quarter were down 13% on the 41 916 t of the June 2009 quarter, when the company was selling both inventory and production, but 30% higher than the sales in the September 2008 quarter, when the global financial crisis hit.

Continued rand strength is, however, lowered rand-denominated revenue and reduced margins.

Inventory is at a low level of 9 752 t, compared to 9 362 t as at June 30.

Ferrochrome prices are now in excess of $1.30 lb. IFL has double from its December lows,but still well below prices of last summer when it was rated a buy. Performing very strongly again today.SHARES rate them a buy

Ferrochrome production up 48%


27 April 2010



International Ferro Metals Limited

("IFL" or the "Company")



Interim Management Statement incorporating a production statement for the three months to 31 March 2010



Highlights:

Ferrochrome (FeCr) production of 54,394 tonnes (t) for the quarter to 31 March 2010, up 48% on the prior year comparative quarter but down 6% on the previous quarter

Sales of 64,063t for the quarter, up 76% on the prior year comparative quarter and up 85% on the previous quarter. Sales include 15,735t that is subject to pricing revisions based on subsequent benchmark pricing

Inventory of 22,748t at 31 March 2010 (32,504t as at 31 December 2009)

Electricity co-generation plant is on schedule and on budget for commissioning during the second half of calendar 2010

UG2 ore supply agreement concluded with Anglo Platinum which will significantly reduce input costs and extend Lesedi life of mine

Net borrowings of ZAR26 million as at 31 March 2010, principally due to increased working capital requirements (net cash of ZAR248 million as at 31 December 2009)

European benchmark FeCr price increased from US$1.01 per pound in the first quarter of 2010 to US$1.36 per pound in the second quarter of 2010



Ferrochrome
Three months to 31 March 2010

(tonnes)
Three months to 31 December 2009

(tonnes)
Three months to 31 March 2009

(tonnes)

Production tonnes
54,394
57,942
36,773

Sales tonnes
64,063
34,553
36,383

Stock at period end
22,748
32,504
9,752






Commenting on the operational update, Chief Executive David Kovarsky said:

"Stable and improving market conditions resulted in a healthy price increase and good sales growth during the quarter. While production was less than the previous quarter due to variability in the grade of bought in ore feed, we expect these issues to be resolved as mining operations ramp up and for sales and production tonnages to be in line with management forecasts. The Company remains confident that IFL is well placed to take advantage of the continuing improvement in market conditions."




Ferrochrome Market Conditions

Reflecting global stainless steel production growth, the European benchmark ferrochrome price increased by US$0.35 per pound from US$1.01 per pound in the first quarter of 2010 to US$1.36 per pound in the second quarter.



The strong South African Rand continues to impact the Company, but Management are working to control those costs which it can influence, through innovations and measures such as the co-generation plant and the UG2 ore off-take agreement with Anglo Platinum.



Production

Production for the quarter (54,394t) decreased by 6% compared with the previous quarter (57,942t). The lower production was principally due to inconsistencies in the grade of bought in ore feed while underground mining operations are ramped up. Over the last two quarters, IFL has focussed on the development of the underground mine to ensure long term sustainability and the provision of high grade ore. As a result, the output from the mine has declined in the short term. Increasing mine production and the creation of larger stockpiles of bought in ore allowing for improved blending and better ore feed consistency, will result in an improvement of production by July 2010.



Sales

Sales for the quarter to March (64,063t) increased by 85% compared with the previous quarter (34,553t). This included 15,735t sold but which still bears pricing exposure; final pricing for these tonnages will be fixed based on the benchmark price for the quarter in which it is consumed by the customer. It is expected that about 70% will be consumed in the second quarter of 2010 at the higher benchmark price of US$1.36 and the balance in the subsequent quarter, giving IFM the benefit of both having reduced its inventory and providing pricing upside.



Inventory

As announced in February 2010, the Company increased ferrochrome stock levels to higher than the normal level of one month's production in order to take advantage of the then expected increase in ferrochrome prices in the second quarter of 2010. The reduced inventory level of 22,748t at the end of March 2010, from 32,504t at the end of December 2009, reflects 15,735t of sales with ongoing pricing exposure as described above held as a debtor balance at Q1 pricing with an anticipated price adjustment to be accounted for in Q2 and Q3 of 2010.



UG2 Ore Supply

As announced in February 2010, the Company concluded a UG2 ore supply agreement with Rustenburg Platinum Mines Limited ("RPM"), a subsidiary of Anglo Platinum Limited. Under the agreement IFL will pay approximately R150m for a chrome re-treatment plant ("CRP") to extract chrome concentrate from RPM's UG2 concentrator tailings. The contract has a 10 year life commencing on the construction start date and entitles IFL to 15,000t per month concentrate (about 30% of IFL's beneficiated ore requirements) from the commissioning date at an effective cost per tonne significantly below underground mining cost. Construction is expected to start in June 2010 with commissioning in July 2011. The project is to be funded using existing cash facilities.



Capital expenditure

Capital expenditure budgeted for the remainder of the financial year is ZAR218 million which includes ZAR134 million for the electricity co-generation plant, ZAR30 million for mine development and ZAR 15 million for the metal recovery plant, in line with previous announcements.



Cash balance

As at 31 March 2010, the Company's net borrowings were ZAR26 million, against net cash of ZAR248 million at 31 December 2009. The decrease of ZAR274 million was principally due to increased working capital (mostly trade receivables) of ZAR160m and planned capital expenditure of ZAR83m, principally on our co-generation plant and mine development. The Company has a working capital facility of ZAR500m and expects to generate significant operating cash inflows during the quarter ending June 2010, under current market conditions.



Outlook

The demand for ferrochrome has increased over the quarter with corresponding improvement in stainless steel demand, as is reflected in the current premium in the spot ferrochrome price over the contract price. IFL expects this trend to continue as demand from the USA and Europe continues to improve.



Other than as detailed above in this Interim Management Statement, there have been no material events or transactions in the period from 1 January 2010 to 27 April 2010.



- ENDS-



For further information please visit www.ifml.com or contact:



International Ferro Metals Limited

David Kovarsky, Chief Executive Officer
+27 (0) 82 650 1192

Brunswick Group

Carole Cable / Fiona Mulcahy
+44 (0) 20 7404 5959

Numis Securities Limited

John Harrison / Stuart Skinner
+44 (0) 20 7260 1000

RNS Number : 4339L
International Ferro Metals Limited
06 May 2010









06 May 2010



International Ferro Metals Limited

("IFL" or the "Company")



Statement regarding proposed changes to Australian tax regime



International Ferro Metals notes the Australian government's proposal to introduce a uniform resource rent tax to those mining companies with operations in Australia.



As all of IFL's operations and resources are located in South Africa with no mining activities undertaken in Australia, IFL believes, having consulted with its advisors, that it will not be liable for the newly proposed resource rent tax.



- ENDS-



For further information please visit www.ifml.com or contact:



International Ferro Metals Limited

David Kovarsky, Chief Executive Officer
+27 (0) 82 650 1192

Brunswick Group

Carole Cable / Fiona Mulcahy
+44 (0) 20 7404 5959

Numis Securities Limited

John Harrison / 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.


This information is provided by RNS
The company news service from the London Stock Exchange

The change of TREND as is moving into a BREAKOUT of the last Intraday high

Hopefully a good sign.I expect that the recent results have been interpereted as better than expected.

(IFL) IFL ferrochrome output up 46% on last year
Obviously not a well received result, as the price is down 10% -3.25

IFL DUE FOR A LONG LEAP UPWARDS.....THE PRODUCTION UPDATE WILL PROVE TO BE THE CATALYST. ONCE THE VALUE OF THE DOLLAR VS RAND INCREASES, MORE PROFIT WILL BE CHANNELLED TO THE BOTTOM LINE. RATED BUY BY 3 MAJOR BROKERS.....BUY BEFORE ITS TOO LATE.

Certainly worthy of attention.Especially in view of a very poor sp performance.

Heavy drop after negative update on Tuesday, but yesterday there was signs of bouncing back and this morning has confirmed that with the double bottom

If this stock isn't a contender for the most disappointing stock in the FTSE 25 ,then I'll eat my shirt. The Telegraph rated them a buy at 58,now they are barely 1/3 of that Thank the good lord that I am not a holder.

Unfortunately, I am!

chessplayer

re >>>>>Thank the good lord that I am not a holder.

For not being a holder, you do seem to follow her a bit too much
Maybe you have sold recently?.
I did buy yesterday, expecting a bounce that I can profit from.

I sold at about 30, but didn't lose much. They are on my watch list,so may get back in. They are certainly a momentum stock. The trouble is ,most of the momentum has been the wrong way!!

Sales went well up from the large stockpile they had, though production was lower last year >>>>>

Furnace repairs cut IFL ferrochrome output

Furnace repairs cut International Ferro Metals' ferrochrome production to 47,054 tonnes in the three months to the end of December.

This was 13% down on the previous quarter and 19% below the corresponding period in 2009.

But IFL said sales of 74,917 tonnes were up 159% from the previous quarter and 117% higher the corresponding period in 2009 due to strong demand in Asia.

And it said net borrowings were reduced from ZAR309m at the end of October to ZAR216m at 31 December.

CEIO David Kovarsky said: "IFL achieved strong sales during the quarter due to our good relationships in Asia where we have focussed on higher-value markets.

"Production at our mines, underground and surface, is also approaching record levels and IFL should be self-sufficient in ore supply by January 2012.

"We remain focussed on maximising production from our furnaces and have identified a permanent solution to achieve nameplate ferrochrome production.

"Minimising costs continues to be another area of operational focus as we seek to maximise margins."

This might be the time to get back in. Results probably better than expected, and pushing off support level at 20

Could be that some sort of recovery is at last starting to take place here. IFL is up over 30% from recent lows.( in the last week) Is it time to buy a few?!?

The Company was today informed that Terry Willsteed, a non-executive director of the Company, today purchased 100,000 ordinary shares in the Company at a price of 23.75 pence. Following this transaction Mr Willsteed will hold a total of 1,100,000 ordinary shares in IFL representing 0.20% of the Company's issued share capital

This stock has surely hit rock bottom. What about a recovery?

Don't know whether youve seen this article

http://www.telegraphindia.com/1110630/jsp/business/story_14179034.jsp

Recommended in yesterday's shares at 21 p.They are of the opinion that a re-rating is on the cards. A bit of a comeback seems to be on the cards.Up from lows of about 14 p over the past few months.
Also, check out the article referred to above.

I've had my fingers burned twice with this stock! I hope not to make it a hat trick

International Ferro Metals Limited
("IFL" or the "Company")

Agreement with Eskom

1 March 2012

International Ferro Metals Limited, the integrated ferrochrome producer, announces that it has reached an agreement with Eskom to assist with the power utility's electricity supply requirements by participating in its electricity buy-back programme for an agreed period.

IFL has agreed to switch out the first furnace from 1 March until 31 May 2012, and the second from 1 April until 31 May 2012. IFL has the option, under this agreement, to switch back in the first furnace on 1 May, provided one month's notice is given by 31 March.

Under this agreement, Eskom will buy back the electricity which would have been consumed by the two furnaces, at a rate that results in a net financial benefit to the Company.

IFL's contractual commitments to customers will not be affected as these will be serviced from existing ferrochrome stock and production from the second furnace, which will be switched out on 1 April.

Both shutdowns will be executed in a safe and secure manner and we expect switching back in to be a quick and secure process as the furnace performances have been proven after the roof rebuild project.

No job losses will occur as a result of the buy-back programme and the furnace shut downs will not significantly impact our other mining and ore beneficiation operations, including the operation of the UG2 plant. Furthermore, Bank of China, IFL's lender, is agreeable to this decision.

Chris Jordaan, Chief Executive Officer of IFL commented:

"This agreement is value accretive for IFL shareholders, cash generative for the Company, helps our national power utility manage its maintenance programme before the winter period, and is agreeable to our lender."




For further information please visit www.ifml.com or contact:

International Ferro Metals Limited Tel: +27 14 574 6302
Chris Jordaan, Chief Executive Officer

Brunswick Group Tel: +44 (0) 20 7404 5959
Carole Cable / Kate Boothman-Meier

Numis Securities Limited Tel: +44 (0) 20 7260 1000
James Black / Stuart Skinner / Alastair Stratton


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 their 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.

chess no fingers burnt this time as they are closing down their furnaces=zero production, not good news.

The results below are obviously better than expected, hence price rise.

IFL production falls
StockMarketWire.com
International Ferro Metals' alloy sales totalled 52,930 tonnes in then three months to the end of March - 9% down from the previous quarter but 9% up on a year ago.

IFL said it moved back into overall profitability on a monthly basis for March and operations were cash generative.

Ferrochrome production fell to 48,762 tonnes in the period - down from 54,142 tonnes in the previous quarter and 51,446 tonnes a year ago.

Chief executive Chris Jordaan said: "International Ferro Metals is making excellent progress in improving its competitiveness through initiatives such as an improved reductant mix, furnace roof rebuild, the UG2 plant and the co-generation plant.

"his has been augmented by the attractive short term benefit of our agreement with Eskom, which is value accretive to shareholders.

"Underlying performance is strong, and the company's move into profitability from March demonstrates the momentum we have built up.

"This performance is expected to strengthen as the full benefit of the cost reduction projects, for example the CRP UG2 project amongst others, comes through.

"The board believes IFL is in a stronger position than for some time, and well placed to benefit from any further improvement in the ferrochrome market."
At 9:22am: (LON:IFL) share price was +1.75p at 17p

IFL cost saving strategy 'on course'
StockMarketWire.com
International Ferro Metals remains confident its cost reduction strategy is well on course to deliver improved and sustainable margins.

The company said the Sky Chrome mine ramp up to a record 73,000 tonnes per month run-of-mine was achieved in August and development of the open pit box-cut has progressed to plan.

Sky Chrome provides low cost chrome ore for the smelting operations and now fully compensates for the closure of the Lesedi open pit mine, which reached end of life in July as previously announced.

IFL also said management was very pleased to report that the furnaces had performed better than expected during July and August and produced 39,700 tonnes of ferrochrome.

As previously reported, the company voluntarily reduces load during specific expensive peak winter tariff hours to reduce production costs. The winter tariffs are effective from June to August every year and the load reductions are expected to reduce ferrochrome production volumes by about 10% during this period.

It says efficiencies during July and August were especially gratifying in terms of ore, reductant and electricity consumption.

IFL said the Co-gen facility continued to improve and achieved a record production of 5.5GWh in July, or 6.9% of the company's total power demand.

In August, this was eclipsed by a new record of 8.1GWh. This equates to 10.2% of total power demand, a level that we expect to continue as we move towards our 11% target when all engines are running at full capacity

The UG2 programme continued as planned, having seen delivery of the full contractual 15,000 tonnes per month of chrome concentrate since April this year. The use of UG2 in the smelting process has reached new levels as the feed to the pelletising is gradually increased and reached 7,000 tonnes in August.

It adds: "These ongoing improvements are helping the company to attain its goal of repositioning itself towards the lowest end of the cost curve.

"With the achievements reported for the new financial year so far, the company remains confident that the cost reduction strategy deployment is well on course to deliver improved and sustainable margins."

At 8:15am: (LON:IFL) share price was +0.88p at 14.63p

If this news doesn' give the stock a lift, I don't know what will !


23 October 2012

International Ferro Metals Limited

("IFL" or the "Company")

Interim Management Statement to 23 October 2012 and

Production Report for the three months to 30 September 2012

Highlights:

· Ferrochrome ("FeCr") production of 57,949 tonnes for the quarter up 83% on the quarter to 30 September 2011

· FeCr sales of 54,003 tonnes for the quarter, up 29% on the quarter to 30 September 2011

· Sky Chrome mining operations produced a record 190,000 tonnes run-of-mine ore for the quarter, up 54% on previous quarter

· Co-generation plant produced a record of 19.5GWh of electricity for the quarter, 8.4% of total electricity requirement

· UG2 Chrome Recovery Plant ("CRP") delivered 43,400 tonnes in the quarter, 1,600 tonnes below contractual commitment as a result of the unprotected strikes in the platinum sector

· 64% of targeted production cost savings achieved for the quarter; up from 40% for FY2012

· Net borrowings increased from ZAR308 million at 30 June 2012 to ZAR390 million at 30 September 2012, as expected

· Capex was ZAR16.4 million for the quarter

· Zero fatality track record maintained and further significant improvement in overall safety performance



Post period end:

· Benchmark European FeCr price decreased by 15¢ to US$1.10/lb for the quarter ending 31 December 2012

· UG2 CRP at Anglo Platinum shut down on 12 September due to unprotected strikes and no UG2 has been received so far in October






Three months to
30 Sep 2012

(tonnes)
Three months to
30 Jun 2012

(tonnes)
Three months to
30 Sep 2011

(tonnes)

FeCr production
57 949
18 505
31 637

FeCr sales
54 003
14 396
41 929

FeCr stock at quarter end
14 795
10 849
14 984






Commenting on the update, Chief Executive Chris Jordaan said:

"This quarter was a record breaking quarter for IFL. We achieved record chrome ore production from the Sky Chrome mine, we generated a record 8.4% of our electricity requirements from the Cogen plant, and ferrochrome production from the smelters is the second best quarter ever and would have been a record if we adjust for the peak hour power reductions due to high winter tariffs. We continue to focus on bringing costs down and we have achieved 64% of our targeted cost reduction.

"Overall, we are delighted by the progress made over the quarter - our costs continue to come down and our production continues to improve, which puts the Company in good stead for the future."


Stainless steel and ferrochrome markets
The stainless steel market slowed significantly during the third calendar quarter of 2012 as a production overhang exerted pressure on prices and industry profitability. This indirectly affected ferrochrome demand and prices.

The European Benchmark Price of FeCr decreased in the last two quarters of calendar 2012 from 135¢/lb in Q2 to 125¢/lb in Q3 and 110¢/lb in Q4. This is mainly due to softening market demand resulting from continued negative sentiment from the Eurozone debt crisis, which also negatively impacted the Asia-Pacific region as reported GDP growth in China dropped below 8%.

Ferrochrome prices in China, which are dominated by domestic supply, had a significant impact on global ferrochrome spot price trends. Both stainless steel and ferrochrome markets remained depressed throughout the third quarter, which resulted in an increasing disconnect between the European Benchmark Price and the spot market, and ultimately led to the 12% decrease in the Q4 2012 benchmark price.

Health and Safety, and the Environment ("HSE")
The Company had no fatalities during the quarter and remains fatality free since inception, representing 22.9 million fatality free man hours. This equates to 2.87 million fatality free shifts as at 31 September 2012, an improvement on the last period of 21.2 million hours. The 12 month moving average lost time injury frequency improved from 4.36 at 30 September 2011 to 3.57 at 30 September 2012 as a result of a further visible leadership and focus on adherence to critical risk controls. IFL is pleased with its fatality free track record and the progress made in safety performance, and is committed to maintaining these high standards in the future.
No environmental incidents were reported in the period under review.
Mining
Run-of-mine ore production for the quarter to 30 September 2012 decreased to 243,600 tonnes from 293,400 tonnes in the prior quarter. The ramp up at Sky Chrome progressed to plan and has consistently exceeded 70,000 tonnes per month of run-of-mine ore since August 2012 (August production was 73,000 tonnes as previously reported).

As expected, the Lesedi open pit reached its end of life in July 2012 and therefore did not produce any ore in August or September. As such, production for the quarter was 13,000 tonnes compared with 87,000 tonnes in the corresponding period last year. Production from the Lesedi underground mine also declined over the quarter (from 82,000 tonnes to 40,000 tonnes) as JIC, the Company's underground mining contractor at Lesedi, dismissed approximately 50% of its workforce in July. The Lesedi underground mine produced 14,000 tonnes run-of-mine during August as announced on 11 September 2012. IFL is currently evaluating underground mining options at Lesedi to ensure optimised production. The temporary drop in production at Lesedi is not expected to have a material impact on the Company's performance given the ramp up of its open pit operations at Sky Chrome.

The ramp-up of Sky Chrome has more than adequately replaced the production lost from the Lesedi open pit and has made up for most of the production lost from the Lesedi underground operation. The Company has a number of available options to replace any potential shortfall of ore production going forward.

Chrome ore production
Three months to
30 September 2012
Three months to
30 June 2012
Three months to
30 September 2011

(tonnes)
(tonnes)
(tonnes)

Lesedi
53,400
169,800
191,600

Sky Chrome
190,200
123,600
71,900

Total
243,600
293,400
263,500

Recovery rate (%)
55%
62%
59%




Recoveries for the quarter from the ore beneficiation plant averaged 55% compared with 62% in the previous quarter. The recoveries were negatively influenced in the period under review due to lower grade weathered material from Sky Chrome. It is expected that recovery rates should stay at these levels until such time as Sky Chrome has mined through the weathered material, which is expected in the next 12 months. The recoveries were enhanced by the ore concentrate recovery plant which produced 11,700 tonnes, up 12% on the previous quarter.

Smelting
Production for the quarter was 57,949 tonnes compared with 18,505 tonnes for the previous quarter. This was in line with management expectations due to the start-up in June 2012, which went without delays and full load was achieved in the second half of June. During the expensive peak winter tariff hours the furnaces were operated at reduced load resulting in an estimated 6.4% reduction in furnace production during July and August.

Management actively continued to pursue operational improvements, and these have had noticeable benefits over the quarter. Reductant feed ratio optimization continued through the quarter, resulting in record anthracite usage for the quarter. This contributes to further reduction in cost. Furnace stability also improved, resulting in improved ore and energy efficiencies. Stable gas plant performance resulted in improvements in the fuel supply to the co-generation plant and the sinter plant. These positive effects improved co-generation output and lowered sinter production cost, which further contributed to the reduced smelting cost. Further improvement in the smelting performance is expected going forward.

Co-generation plant
For the quarter under review, the Cogen plant reached a new record and generated 19.5GWh of electricity which represents 8.4% of the Company's total electricity requirement for the quarter, compared to 3.7GWh for the previous quarter which had only one production month. The output of the plant is directly related to the stability and performance of the furnaces. At steady-state production from the smelter, the Cogen plant should provide the Company with 11% of its total electricity requirements.

UG2 Plant
The UG2 Chrome Re-Treatment Plant ("CRP") at Anglo Platinum's Waterval operations in Rustenburg delivered its full contractual volumes in July and August. However, the CRP plant was shut down on 12 September 2012 due to strike action at Anglo Platinum and only 13,400 tonnes UG2 was received for September. Under the supply agreement, IFL has the right to receive the first 15,000 tonnes of metallurgical concentrate production per month from the UG2 CRP plant which has a design capacity of about 50,000 tonnes per month of concentrate. The CRP is still not in operation and as a result, IFL has not received any UG2 in October as of yet.

The Company has sufficient supplies of ore from its own operations and other sources and is therefore not reliant on UG2 as supply to its own operations.

Sales and inventory
IFL sold a total of 54,003 tonnes of ferrochrome during the quarter compared to 14,396 tonnes in the preceding quarter, with the majority of sales to the European and US markets. The low sales volume in the previous quarter was as a result of the furnaces being shut down under the Eskom electricity buy-back programme. Ferrochrome inventory increased to 14,795 tonnes at 30 September 2012 from 10,849 tonnes at 30 June 2012. Chrome ore sales were substantially lower at 46,000 tonnes during the quarter compared to 128,000 tonnes in the previous quarter. This was due to ore being consumed in the smelter as both furnaces operated throughout the period under review.

Ferrochrome sales for the next quarter are expected to be higher, in line with higher expected production and inventory is expected to reduce. Ore sales are expected to remain stable at these levels.

Production costs
This was another strong cost reduction quarter. Ferrochrome production cost came in at ZAR6.58/lb Cr. July and August are winter tariff months when electricity costs are on average 75% higher than during summer months. The Company is targeting a cost reduction of 12% (ZAR0.76/lb) on FY2011 production cost of ZAR6.25/lb.

Adjusting for changes in unit electricity and reductant costs, this quarter's production cost was ZAR5.77/lb compared with ZAR5.95/lb for FY2012. This represents 64% (ZAR0.49/lb) of the targeted cost reduction.

The cost reduction was mainly as a result of increased anthracite consumption, improved electricity consumption, higher electricity co-generation and higher production volumes. There was an increase in ore cost but this is expected to reduce when Sky Chrome beneficiation recoveries improve and targeted levels of UG2 is consumed in the smelting process.

Cash
The Company's net borrowings increased to ZAR390 million at 30 September 2012 from ZAR308 million at 30 June 2012, in line with previous guidance. The increase of ZAR82 million is attributable to ZAR70 million utilised in working capital, ZAR20 million utilised in investing (including ZAR16.4 million of capex) and ZAR12 million utilised in financing activities, offset by ZAR20m cash generated from operations. Net borrowings are expected to increase to about ZAR420 million over the next two quarters after which it is expected to steadily decrease. This expected increase in borrowings is mainly due to a forecast increase in working capital and the pricing environment over the next quarter.

Outlook
Fifty two furnaces were shut down in South Africa during the Eskom buy-back arrangement according to CRU. This was mostly continued during the winter tariff periods. Although not all, a number of furnaces originally shut down have now been restarted in South Africa as the Eskom buy-back arrangement ended in May 2012 and with the winter tariff period ending on 31 August 2012. This has increased alloy supply. While IFL has been relatively unaffected, ongoing illegal strikes in the platinum industry have reduced UG2 supply which has resulted in some improvement in ore prices. These two opposing forces are expected to continue throughout quarter four. It is therefore expected that spot prices will remain relatively constant throughout quarter four.

The International Monetary Fund's latest global economicgrowth forecast released in October shows a gradual strengthening of activity from the low base of early 2012. Global growth is projected at 3.3% and 3.6% in 2012 and 2013 respectively. Financial easing and recent announcements of large scale projects by the Chinese Government may stimulate demand toward the end of the quarter and an increase in spot prices may be expected. Ore demand is expected to remain buoyant throughout the quarter as supply is reduced.

IFL notes the discussions around the South African chrome ore export duty and would welcome the introduction of this levy; the Company will monitor this situation closely for any further developments.



Analyst / investor Conference call

Management will discuss these results in a conference call with the investment community on Tuesday 23 October at 09.00am (UK time). Dial in details are below:

Dial-in: +44 (0) 1452 561 263

Conf ID: 54168545

- ENDS-



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 / Clemmie Raynsford
+44 (0) 20 7404 5959

Numis Securities Limited

James Black / Alastair Stratton / Stuart Skinner
+44 (0) 20 7260 1000

What is going on! Some big selling , but price up nearly 0.5

Overhang being cleared, it was 23M a bit earlier

has been trying to move higher for a couple weeks but allways was up and down

does a large chart make it look a better buy?

I like your comment BB - lol!

re - chessplayer - 23 Oct 2012 08:33 - 89 of 94
If this news doesn' give the stock a lift, I don't know what will !

the overhang being cleared allways does the job

well, whatever it was, it seems to be going in the right direction for a change!!

And a follow through today, at least so far

11.675p +0.675p

International Ferro Metals Limited

FURNACE UPDATE

International Ferro Metals provides the following update with regard to its furnaces following the 30 November 2012 announcement in relation to the furnace electrode breaks. The Company can now confirm that the root cause has been addressed and the electrode paste has been completely replaced and operations at both furnaces have returned to normal.

The replacement of the electrode paste was completed in late December 2012 and since that time the furnaces have been operating at full load. The Company is confident that the electrode issue has been fully resolved and appropriate action has been taken to prevent it from happening again.
The Company will release its Production Report for the three months to 31 December 2012 on 24 January 2013.

12.625p +0.625p

on the way up now after the last retracement
There is volume today as is breaking up from the last high

Yesterday's news were much better than expected ...............

24/01/2013 - IFL sales and output better than previous guidance

Furnace repairs had less of an impact on International Ferro Metals' sales and production than forecast.

The company said the furnace electrode paste replacement was successfully completed in the three months to the end of December.

This resulted in a 10% fall in production (52,143 tonnes) and a 5% drop in sales (51,092 tonnes) compared to the previous quarter - but better than previous guidance.

And IFL said furnace 2 reached near record production in December.

Chief executive Chris Jordaan said|: "I am pleased to report that both furnaces have fully recovered from the electrode paste issue and actions taken will prevent the issue from reoccurring.

"We successfully limited the impact to production which exceeded our previous guidance and therefore the impact to sales was contained.

"At the end of the quarter, we were operating at full capacity with Furnace 2 producing near record production in December.

"The agreement with Eskom enables the company to assist with South Africa's electricity supply requirements and sell electricity back to the grid at a financially beneficial rate for the next two months.

"The second furnace will continue to operate at full production and will service our clients around the world. We are particularly delighted to have made our first alloy and ore sales into India over the quarter which we have identified as a growth market for the company.

"With our furnaces back at capacity, and our cost reduction programme moving back on track, IFL is well positioned to service a growing customer base after the Eskom agreement is completed."

my initial thought was that, having looked at MJ's chart, there was not a great deal of immediate upside - i.e. a good call of MJ's if you were already a holder ...... however, out of curiosity, i pulled up a 5 year chart (as below), so make of it what you will

on the other hand, the 1 year chart shows getting through 13.5-14 where the 200 dma also lurks, could be quite problematic

Cynic, not a very inspiring chart to say the very least ! It recalls the old saying, "from the little seed grew the great oak ". The trouble is of course that this was the other way round.

Still, it seems that some sort of recovery is underway.

i don't hold and having looked at the chart, have no intention of so doing

I do not need you over here either

but to say I bought @ 10p ( tried but could not get better price had to pay full offer ) on 18th December last, and though could have sold for a 2p profit on the T +20 I paid for it after I saw the overhang of 23M being cleared and then last week positive news..... "both furnaces have returned to normal".

Now with yesterday further bullish news, I see the stock as very undervalued on fundamentals and charting - double bottom and soon end of downtrend.

The 5 year chart some will looked it as a way they could be back to

it maybe so... but might take anoher 5 years.,.

BTW Below my comments at the time for my followers on my OWN thread ( close to 11 years old now )

18 Dec'12 - 14:32 - 374 of 634
KEEP an EYE
IFL 9.95p ( 9.90 / 10p )

On the rise today with volume, most likely the end of the recent downtrend. Better news are expected than the ones lately.

now tell us about the crap calls you have made

re - crap

is all over you no wonder you mention the word.

and the answer is on what you said all the time about me ........ "mg" is short term punter

My calls are all short term and that is why I am using the different ways of charting

so you are contradicting yourself all the time, only a nutter can not remember (its ) lies

boy

re -but might take anoher 5 years.,.

I am sure I will be out by then, but I am sure a 15 fold one does not get every day, and you did not get any closer to lets say 2 fold

i asked you a simple question ..... you keep telling us how wonderful you are, and i certainly agree that many of your calls are very good, even if arguably post event.

however, i would question if even God is infallible, and certainly you are not He, so perhaps you would/could be humble enough to enlighten us as to some of your undoubted cock-ups

and talking of contradiction, if you are a "short-term punter" - you said it, i did not - then i am certain that would not stand up to close scrutiny - always depending of course on one's definition of short-term

I must rush now but ....

to make you happy as weekend approches BAO did not work short term but look what happens when one did a DYO and keeps it

as is short term you close the bargain so the loss is minimal

BAO worked very well for me short-term, and hence the trigger for that barrow-load of abuse from you at the time (and incessantly since) ...... and since i bought back in (a trigger for yet more abuse), i am again running a handsome profit

this thread is becoming a "mutual admiration society"!....... just a bunch of attention seekers, time to grow up.

give me a break hali!
am i now not allowed to respond to the incessant barrage of abuse from MJ aka MRSI?

cynic stop winding him up ,ignore him and he will go away.

unfortunately he does not - except with luck he will shortly be thrown off here yet again ..... there can be no excuse for that sort of abuse, and it is not just on the rare occasion ..... why should i/we tolerate it?

cynic bend over and turn the other cheek!

Halifax - re Mutual Admiration Society' , check out song by Teresa Brewer of the same title.

At any rate, todays' hike makes 40 % from the low

now 14.25p just like that 1 p rise no problem on crossing up

Some poster should be ban for posting rubbish.......

cynic - 25 Jan 2013 12:52 - 102 of 120
on the other hand, the 1 year chart shows getting through 13.5-14 where the 200 dma also lurks, could be quite problematic

.... just trying to be awkward as usual

cynic - 25 Jan 2013 15:08 - 104 of 120
i don't hold and having looked at the chart, have no intention of so doing

Another day of decent volume, 1.7m on 2 hours of trading



Its strange the chart shows a perfect " CUP and HANDLE " formation ( on this 2 month chart, and yet one can only call this when a share price is after it has done and uptrend.

IFL has done it moving from the lows.

MJ - you don't listen or learn from MAM management do you? ...... you really are very far from bullet-proof whether posting under MJ or MRSI or whatever other alias you dream up

there is no obligation to follow all or indeed any of your recommendations, and here (in particular) i choose not to ..... that does NOT entitle you to start let alone continue your abuse

Still, to each his own. not everybody wants to make money. Let us not forget that money won't buy poverty !

chessplayer

re - not everybody wants to make money.

pretty clear over here ( post 123 tells you again ) and every place I post, I have an admirer, others call it STAKER

Should I call the police?,
" money am" does not care it seems, they go by the complains, but do not read the post to check if it right or are the others to blame. ( very clear to me if is a STAKER )

What the hell's a STAKER?????????

must be someone who drives wooden stakes through vampires and witches hearts .... could of course be one of the synonyms for Vlad's helpers

I expect Bela Lugosi might provide you with the answer

if you like gory history, read Vlad the Impaler (a real king/hero of Wallachia/Bulgaria) ...... seemingly cured one's piles permanently!

i wrote the 1 year chart shows getting through 13.5-14 where the 200 dma also lurks, could be quite problematic and the then resident baboon, now booted into space i suspect, gave me the usual round of abuse

not exactly saying "told you so", but ......

chessplayer - why are you so quiet?

What can I say. This has been one of my bogey shares, I first bought at 58 p. when they were given as a buy in the Telegraph. I have subsequently sold and re bought with the same sorry tale. i.e. continual decline. Not my all time worst, but pretty bad.

My all time worst has to be Ashtead. Every time I bought, they went down and every time I sold they went up. And look where they are now. - Up about 20 fold on my original buying price. I swear there must have been a conspiracy going on. Now that b*****d has bought, we sell , and when it went down, Now that b*****d has sold we buy !

Still , thank goodness there have been some good ones.

it's ok pal ..... i stay away from WOS as i could never ever get the timing right :-)