International Ferro Metals DMI Approval of Lesedi Mining Right Transfer

 
TIDMIFL 
 
6 July 2017 
 
International Ferro Metals Limited 
 
                           ("IFL" or the "Company") 
 
   Department of Mineral Resources Approval of Lesedi Mining Right Transfer 
 
Further to the announcement released by the Company on 1 November 2016, IFL 
announces that the Department of Mineral Resources has approved the transfer of 
IFL's South African subsidiary International Ferro Metals (SA) (Pty) Limited's 
("IFMSA") Lesedi mining right to Samancor Chrome Limited ("Samancor"). The 
purchase consideration of ZAR140 million will become payable by Samancor upon 
registration of the cession of the Lesedi mining right at the Mineral and 
Petroleum Titles Registration Office, which is expected to take four to eight 
weeks. The proceeds will be distributed to creditors of IFMSA in accordance 
with the amended business rescue plan. 
 
The remaining transaction, for which conditions are in the process of being 
fulfilled, is for the sale of IFL's 80% equity interest in Sky Chrome Mining 
(Pty) Limited ("Sky Chrome") for ZAR100 and IFMSA's claims against Sky Chrome 
for ZAR70 million. 
 
The outstanding conditions include obtaining regulatory approvals, specifically 
ministerial approval for the transfer of the Sky Chrome mining right, and 
consents of other parties to certain material contracts, which are usual for 
transactions of this nature. 
 
The Company reiterates that it is not likely that IFL shareholders would 
receive any distribution from the conclusion of the business rescue process. 
 
Further announcements in relation to the Business Rescue process will be 
released in due course. 
 
                                    - ENDS- 
 
For further information please visit http://www.ifml.com/ or contact: 
 
International Ferro Metals Limited 
 
Jannie Muller, Finance Director                     [phone] 
 
Wayne Kernaghan, Company Secretary       [phone] 
 
About International Ferro Metals: 
 
International Ferro Metals produces ferrochrome, the essential ingredient in 
stainless steel, from its integrated chromite mine and ferrochrome processing 
operations in South Africa.  International Ferro Metals is listed on the London 
Stock Exchange under the symbol IFL. 
 
Forward Looking Statements 
 
This announcement contains certain forward looking statements which by nature, 
contain risk and uncertainty because they relate to future events and depend on 
circumstances that occur in the future.  There are a number of factors that 
could cause actual results or developments to differ materially from those 
expressed or implied by these forward looking statements. 
 
 
 
END 
 

(END) Dow Jones Newswires

July 06, 2017 07:41 ET (11:41 GMT)