International Ferro Metals (IFM) aims to be one of the world’s low cost ferrochrome producers through the use of latest mining technology and integrated mine and processing plants.

International Ferro Metals Limited announces its Interim Financial Statements for the six months ended 31 December 2006.

Highlights for the six months ended 31 December 2006 and since the period end are as follows:

• The Company’s Lesedi chromite mine was successfully commissioned in July 2006. Chromite production at Lesedi is progressing well and is ahead of the production schedule.
• The integrated ferro chrome production facility’s ore beneficiation plant was commissioned during January 2007. This plant is currently operating at full capacity.
• The first and second furnaces were commissioned during January 2007 and after a two week ramp-up period were operating at their design capacity.

Audited results for the six months ended 31 December 2006 report a consolidated loss of £5.1m (ZAR 70.9m),of which £2.3m (ZAR 31.8m) is attributable to finance costs. This loss was in line with budgeted expenditure for this construction period.

The current price of Charge Chrome is US$0.77/lb (Heinz Pariser 12 Feb. 07).

Stephen Turner, Managing Director of International Ferro Metals said, "This has been an excellent period for IFM. Throughout the construction of the integrated ferrochrome facility costs have remained within budget. The Lesedi mine was opened in July 2006 and production has exceeded budget. In January 2007 both our ferrochrome furnaces were switched-on three months earlier than scheduled. We are very proud of our workforce and contractors who have worked tirelessly to achieve a quicker than anticipated increase in productivity of these furnaces to their design capacity. The furnaces are now able to operate at a combined rate to produce 267,000 tonnes per annum of Charge Chrome. It is pleasing to be able to supply IFM’s ferrochrome into a relatively strong stainless steel market. IFM’s first product sales are to China and Japan and our guaranteed offtake agreements are working well. IFM has a strong and committed management team and we are highly confident and positive about the future performance of the Company".

The December 2006 Interim Financial Statements are available on the International Ferro Metals Limited website at www.ifml.com. Extracts from these financial statements follow.

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