[miningmx.com] – INTERNATIONAL Ferro Metals (IFM) posted a pre-tax loss of R176m (2013: R31m profit) in the first half of its financial year owing to lower production, said Alliance News citing a company results announcement.
However, the company said it anticipated “a substantial improvement” and that it would be cash generative in the second half of its financial year which ends June 30.
Ferrochrome production for the half year was 98,016 tonnes compared to 116,469 tonnes in the year before, and 111,791 tonnes in the previous half year.
Lower production was due to planned routine maintenance shut-downs and the stoppage of two of its furnaces in South Africa in November, said Alliance News.
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