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20/07/2017
Orezone Announces Appointment of New Director
 
07/07/2017
ENDEAVOUR ANNOUNCES THE RETIREMENT OF ITS COO
 
31/05/2017
RETIREMENT OF DEPUTY CHAIRMAN - Mineral Deposits Limited
 
 
 
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   27/08/2015
 
IFM's SA subsidiary enters Business Rescue
 
As a result of deteriorating business conditions, IFL’s South African subsidiary, International Ferro Metals (SA) (Pty) Limited, which operates the IFL Group's Lesedi mine and ferrochrome smelting operations, has taken the step of entering into Business Rescue. 

Despite the stringent cost cutting measures taken by IFMSA, its financial outlook is such that it is facing financial distress. The underlying reasons include the price of ferrochrome has continued to decline, caused largely by the slowdown in Chinese economic activity and its consequent effect on stainless steel output and increased production by Chinese ferrochrome producers. These factors have driven prices lower and are expected to continue to keep prices low.
 
IFMSA has also been affected by rising costs, militant union activity and a general thrust for above inflation wage hikes which have increased IFMSA's labour costs.

The Business Rescue process may entail a shutdown of its furnaces and all mining operations, significantly reducing its expenses. It will continue to derive income from the sale of UG2 chromite produced under a contract with Rustenburg Platinum.

 
 
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