IFM hikes Sky Chrome, Lesedi resources 64%
A resource and reserve update has indicated positive increases in tonnages and grades for ferrochrome producer International Ferro Metals’ (IFM’s) Sky Chrome and Lesedi mines, in the Bushveld Complex, North West province, the company says.
The total resource increased by 64% from 125-million tons to 206-million tons, with the average chrome oxide (Cr2O3) grade having increased from 34.49% to 37.57%.
In addition, the total reserve has increased by about 6% to 92-million tons, with the average Cr2O3 grade having reduced marginally from 28.11% to 27.85%.
The improvements in resource grade and tonnages largely reflect the remodelling of the resources at the Sky Chrome and Lesedi mines, as well as the conversion and addition of the inferred resources at Sky Chrome mine.
“The increase in tonnages and grades in our latest resource and reserve statement demonstrates the quality of IFM’s assets, and underlines the long-term value inherent in the company. Combined with our successful cost cutting and improved oper- ational stability, we are con- tinuing to position IFM well for the future,” CEO Chris Jordaan said.
Meanwhile, IFM has also been awarded the rights to the platinum-group metals (PGMs) in the middle-group chrome seams of the Sky Chrome mine.
“The resource statement for the PGMs has been completed and resulted in an estimated inferred resource of 1.34 g/t of PGMs in the 181-million tons of total chrome ore resource at Sky Chrome,” IFM states.
The company has also confirmed that its R500-million loan facility with the Bank of China is expected to be renewed for a further year in September.
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