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IFM March quarter output down

25th April 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – London-listed International Ferro Metals (IFM) delivered lower ferrochrome output during the quarter ended March 31, as maintenance and Eskom’s electricity buy-back programme affected production.

The integrated ferrochrome producer recorded ferrochrome output of 34 172 t during the three months under review, after IFM agreed to extend the shutdown of one of its furnaces until May 31 as part of Eskom’s electricity buy-back programme.

This was in comparison to the 52 143 t produced during the three months ended December 31, 2012, and the 48 762 t output in the corresponding quarter of the prior year.

The operation of Furnace 1 had been halted since January, when it underwent a six-week maintenance programme. IFM agreed to keep the furnace off as from February as part of the electricity buy-back agreement.

IFM reported 19% lower quarter-on-quarter ferrochrome sales, at 41 630 t, for the March quarter, compared with the 51 092 t sold in the December quarter.

During the March 2012 quarter, the group sold 52 930 t of ferrochrome.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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