International Ferro Metals receives more chrome concentrate than expected

1st Sep 2014 11:45

International Ferro Metals said on Monday that as part of its supply agreement with Anglo Platinum, it last month received 20,000 tonnes of upper group two (UG2) chrome concentrate, ahead of its expectations. It said it now expects to receive 15,000 tonnes per month on an ongoing basis, as well as the contracted backlog of 5,000 tonnes per month until the approximate amount of 94,000 tonnes in backlog has been received. Chief executive Chris Jordaan said: "We are very pleased that the supply of UG2 has recommenced from Anglo Platinum, which delivers UG2 at a cost significantly below the company's in-house production cost of chrome concentrate, and is a direct contributor to profitability. "The resumption of UG2 ore gives us increased confidence that this year's production cost will be lower than that achieved for the final quarter of the 2014 financial year."Shares had jumped by 20% to 7.38p by 10:39.NR