International Ferro Metals Limited has announced production report for the 3 months to December 31st 2010. Highlights are:
1. Ferrochrome production 47,054 tonnes for the quarter to December 31st 2010, down by 13% QoQ and down by 19% YoY due to ongoing repairs to the roofs of both furnaces
2. Sales of 74,917 tonnes achieved in the quarter to December 31st 2010, up by 159% QoQ and up by 117% YoY due to strong demand in Asia
3. FeCr inventory was reduced to a more normal level of 14,487 tonnes, down by 66% QoQ following strong demand
4. Net borrowings were reduced from ZAR 309 million as at October 2010 to ZAR 216 million at December 2010
5. Electricity co gen plant construction complete but experiencing technical issues, commissioning continuing due to changed off gas composition
6. Construction by Anglo Platinum of chrome tailings re treatment plant 6 months behind schedule
7. Benchmark European FeCr price reduced by 5 cents per pound to USD 1.25 per pound for the March 2011 quarter
| | Dec '10 qtr | Sep '10 qtr | Dec '09 qtr |
| Production | 47,054 | 53,785 | 57,942 |
| FeCr sales | 74,917 | 28,891 | 34,553 |
| FeCr stock | 14,487 | 42,870 | 32,504 |
In tonnes
Mr David Kovarsky CEO of IFL said that "IFL achieved strong sales during the quarter due to our good relationships in Asia where we have focused 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 focused on maximizing production from our furnaces and have identified a permanent solution to achieve nameplate ferrochrome production. Minimizing costs continues to be another area of operational focus as we seek to maximize margins."
