Full Year Results – Year Ended 30th June 2007

24 September 2007

International Ferro Metals Limited (LSE: IFL), the integrated ferrochrome producer, presents its full year results for the year ended 30 June 2007.

Highlights

  • Market ferrochrome price increased 40% to US$1.00/lb over the period
  • Revenue increased to ZAR 184 million (£12.9m)
  • Ferrochrome facility construction completed in January 2007
  • Two furnaces produced 49,000 tonnes of ferrochrome for the year

Post period highlights

  • IFL raised an additional £85.2 million in equity
  • Moved from AIM to the Main List of the London Stock Exchange
  • Feasibility study on track to increase capacity to 6, 65,000 tonnes per year
  • Production temporarily disrupted; remedial action to be completed by the end of January 2008
  • Expect to have five operating furnaces in production by late 2009

FY 2007 ZAR’000 FY 2006 ZAR ‘000
Sales revenue 1, 83,963 1, 558
Cost of goods sold (1, 68,006) (3, 882)
Gross profit/(loss) 1, 5,857 (2, 324)
Net loss after tax (3, 44,269) (2, 42,423)
Loss per share ZAR cents (R82.78) (R72.64)

Stephen Turner, Managing Director of IFL commented:
"2007 has been a year dominated by the construction and ramp up of the ferrochrome facility. Despite the recent production disruption, we remain confident that our proposed expansion of ferrochrome production capacity to 6, 65,000 tonnes per annum will be achieved by late 2009. With our recent funding round and move to the Official List, we are well positioned to become South Africa’s fourth largest ferrochrome producer and look forward to expanding into and taking advantage of the opportunities in the ferrochrome market."

The full published accounts for the financial year ended 30 June 2007 will be posted to shareholders shortly, and are available on the Company’s web site, www.ifml.com

For further information please contact:

International Ferro Metals Limited
Stephen Turner, Managing Director
Mob: +61 418 440 844
www.ifml.com

Brunswick Group
Patrick Handley / Carole Cable
Tel: +44 (0) 20 7404 5959

Numis Securities Limited
John Harrison / Stuart Skinner
Tel: +44 (0) 20 7260 1000

Notes to editors:
IFL is a ferrochrome producer that has recently commenced shipments from its integrated chromite mine and ferrochrome processing operations in South Africa for use in the global stainless steel industry.

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