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International Ferrochrome Metals (IFL)
moneyplus
- 22 Jul 2007 14:32
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.
Balerboy
- 23 Feb 2010 14:10
- 56 of 133
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.
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.
chessplayer - 24 Feb 2010 14:38 - 57 of 133
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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Ferrochrome price tumble hits IFM
China's development drives nine-fold rise in IFM revenueQuestor says HOLD
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.
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
Related Articles
ENRC and International Ferro Metals to cut production
BG is a core energy sector holding
Questor: how to play the coming gold price jump
Ferrochrome price tumble hits IFM
China's development drives nine-fold rise in IFM revenueQuestor says HOLD
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.
halifax - 24 Feb 2010 16:03 - 58 of 133
likely the chinese will take them over.
chessplayer - 24 Feb 2010 18:16 - 59 of 133
Halifax
Is there any special reason for this viewpoint?
Is there any special reason for this viewpoint?
halifax - 03 Mar 2010 16:14 - 60 of 133
sp suddenly spurting upwards.
halifax - 04 Mar 2010 16:34 - 61 of 133
sp up again today towards the close, must be a buyer waiting in the wings.
halifax - 05 Mar 2010 16:13 - 62 of 133
strong again today up 5%.
chessplayer - 05 Mar 2010 16:30 - 63 of 133
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
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.
chessplayer - 06 Apr 2010 11:36 - 64 of 133
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
chessplayer - 27 Apr 2010 09:29 - 65 of 133
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
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
chessplayer - 06 May 2010 08:26 - 66 of 133
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
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
Master RSI - 23 Jul 2010 09:15 - 67 of 133
The change of TREND as is moving into a BREAKOUT of the last Intraday high
chessplayer - 23 Jul 2010 11:15 - 68 of 133
Hopefully a good sign.I expect that the recent results have been interpereted as better than expected.
chessplayer - 15 Nov 2010 08:13 - 69 of 133
(IFL) IFL ferrochrome output up 46% on last year
Obviously not a well received result, as the price is down 10% -3.25
Obviously not a well received result, as the price is down 10% -3.25
Alpha27 - 23 Dec 2010 15:28 - 70 of 133
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.
chessplayer - 23 Dec 2010 21:46 - 71 of 133
Certainly worthy of attention.Especially in view of a very poor sp performance.
cielo - 20 Jan 2011 11:05 - 72 of 133
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
chessplayer - 21 Jan 2011 09:12 - 73 of 133
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.
dealerdear - 21 Jan 2011 09:26 - 74 of 133
Unfortunately, I am!
cielo - 21 Jan 2011 09:28 - 75 of 133
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.
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.
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