Proactive investorsLogo Proactive Investors UK Website

Search field

1 year chart

digital-look imported chart image

1 day chart

digital-look imported chart image
Epic & Msn data
Epic IFL
Time: 10:17:19
Mid Price: 42.50
Change Today: -0.75 Descending
Change % Today: -1.73 Descending
Fifty Two Week High: 67.25
Fifty Two Week Low: 21.50
Market Capital: 235.49
Period & price data
Period Price
Now: 42.50
3 Months ago:
6 Months ago:
1 Year ago:
Additional information
Additional Information
Market: LSE
Sector: General Mining
Epic: IFL
News: Latest news
Web Site: International Ferro Metals
Other Articles: 17-02-201026-01-200925-11-2008

International Ferro Metals

International Ferro Metals aims to be one of the world's low cost ferrochrome producers through the use of latest mining technology and integrated mine and processing plants. Ferro chrome is an essential ingredient in stainless steel production. On average 18% of stainless steel is chrome.

The IFL chromite mine and adjoining ferrochrome processing operations are situated at Buffelsfontein in South Africa's Bushveld complex, 100 kilometres north-west of Johannesburg. SRK advise that IFL's production costs fall within the lowest quartile of all ferrochrome producers.

The Company intends to expand its current operations with the construction of three additional 66MVA furnaces and ancillary plant. IFL's production capacity is expected to increase by 150 per cent. to 665,000 tpa.

Monday, January 26, 2009

International Ferro Metals sees interim pretax loss due to ferrochrome price

company news image

International Ferro Metals Ltd said it does not expect to report a pretax profit for the six months to 31 December 2008 due to downward price revisions of ferrochrome deliveries, and it also expects full-year results to be materially below market expectations.


In the closing weeks of the first half to December 31 2008, the company experienced a rapid deterioration of the conventional industry-wide ferrochrome pricing mechanism that has been based upon published European ferrochrome prices. This led to renegotiation of pricing following the shipment date and resulted in retrospective downward price revisions, it said in a trading update.


Management explored legal and commercial routes to assert the higher prices it had originally agreed on these shipments, but has now concluded the revised prices are in the best interests of the company.


Final selling prices for the first half were only recently settled and relate to shipments of 20,828 tonnes to China and 6,239 tonnes to Europe and North America. Price negotiations are ongoing in respect of a further 6,291 tonnes shipped to China in November 2008.


 The overall financial impact of these price reductions on the company's half year results is not expected to exceed US$18 million and includes a write-down in inventory to the tune of approximately US$4.2 million.


“The weakness of current demand for ferrochrome and the lack of transparency for the remainder of the financial year lead the company to believe that, despite the observed recent increase in Chinese demand, the financial performance of the company for the year to 30 June 2009 is likely to be materially below current market expectations,” International Ferro Metals said.


It also said it agreed delayed settlement terms in respect of certain ferrochrome shipments made prior to December 31 2008 with a value of US$17.5 million and payment is now due prior to March 31 2009.

NewsNow icon AddThis Feed Button
Register here to be notified of future International Ferro Metals articles.

Other International Ferro Metals news

More news ►

Investors interested in International Ferro Metals recently viewed


No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.