International Ferro Metals Directorate Change

 
TIDMIFL 
 
13 September 2016 
 
International Ferro Metals Limited 
 
                           ("IFL" or the "Company") 
 
                            Resignation of director 
 
IFL announces that Chris Jordaan, Non-Executive Director of the Company, has 
resigned from the board on 12 September 2016. Mr Jordaan served as Chief 
Executive Officer from 1 August 2011 to 31 May 2016, when he stepped down to 
become a Non-Executive Director. From 1 June 2016 he was employed solely by the 
Company's South African subsidiary, International Ferro Metals (SA) (Pty) 
Limited ("IFMSA") on a limited duration contract, to oversee the operations of 
IFMSA and to assist with the implementation of the business rescue plan. 
 
On 23 August 2016 IFL announced that all the conditions to the sale of the 
business and assets of IFMSA had been fulfilled, and therefore, the services of 
Mr Jordaan are no longer required. 
 
The remaining transactions, for which conditions are in the process of being 
fulfilled, are: 
 
  * the sale of IFMSA's mining right and beneficiation plant; and 
  * the sale of IFMSA's claims against Sky Chrome and IFL's sale of Sky 
    Chrome's equity. 
 
The outstanding conditions include obtaining regulatory approvals, specifically 
ministerial approval for the transfer of mining rights, and consents of other 
parties to certain material contracts. 
 
Tony Grey, Chairman, said: "the Board would like to thank Chris Jordaan for his 
contribution as CEO for the past five years, during which time the Company 
experienced exceptionally difficult market conditions, and to wish him well for 
the future." 
 
Further announcements in relation to the Business Rescue process will be 
released in due course. 
 
                                    - ENDS- 
 
For further information please visit 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

September 13, 2016 07:14 ET (11:14 GMT)