JOHANNESBURG (miningweekly.com) – Pursuant to its supply agreement with Anglo American Platinum (Amplats), International Ferro Metals (IFM) said on Monday that it had received 20 000 t of upper group two (UG2) chrome concentrate supply in August, ahead of its previous expectations for the month.
The company now expected to receive 15 000 t/m on an ongoing basis, together with the contracted backlog of 5 000 t/m until the strike-induced backlog – currently at 94 000 t – was “extinguished”.
“We are very pleased that the supply of UG2 has restarted from Amplats, 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 2014,” commented IFM CEO Chris Jordaan.