https://www.engineeringnews.co.za

Pan African yet to determine impact of IFM SA business rescue

27th August 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – JSE-listed Pan African Resources’ wholly-owned Phoenix Platinum Mining subsidiary will work closely with the business rescue practitioner for International Ferro Metals’ South African subsidiary to ensure that Phoenix’s interests are safeguarded.

London-listed IFM on Wednesday announced that its IFM SA subsidiary, which operates the Lesedi underground mine and ferrochrome-smelting operations, had entered into business rescue, owing to deteriorating business conditions, including unsustainably low ferrochrome prices, rising costs, including labour and electricity costs, and interruptions in power supply and the resultant production losses.

Phoenix is situated on the IFM SA property and obtains about 20% of its feedstock from tailings arising from IFM SA’s processing activities. It also sources electricity, water and certain other services from IFM SA.

Pan African stressed on Thursday that Phoenix was not solely reliant on material from IFM SA.

“At this stage, Phoenix is not in a position to fully assess the impact of the business rescue proceedings on its operations,” it added.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Latest News

Magazine video image
Magazine round up | 29 March 2024
29th March 2024

Showroom

AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 
Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.083 0.133s - 156pq - 2rq
Subscribe Now