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IFM AR Cover (Print) Annual Report 2008 CONTENTS 1 Highlights 2 Corporate profile 6 Chairman’s statement 8 Report from the CEO and Managing Director 16 Financial review 22 Safety, health, environment, quality and community and IFM 26 Corporate governance 32 Contents – annual financial statements 129 Notice of the annual general meeting 133 Explanatory memorandum 139 Form of proxy IBC Corporate information HIGHLIGHTS FY2008 • First full-year production of 205,607 tonnes of ferrochrome • Steady-state operations achieved by year-end • Ferrochrome prices up 92% to US$1.92/lb over the period • Revenue increased by 944% to R1.9 billion (£131 million) • EBITDA of R727 million (£49 million) • Strong balance sheet with R972 million (£61 million) in cash and no debt • Board considering share buy-back • Chromite resources increased from 73.5 to 126 million tonnes • Maiden dividend of 1 pence per share payable on 3 November 2008 H1 2008 H2 2008 FY2008 FY2007 Y on Y % change FeCr production 93,317 112,290 205,607 49,370 316 R’000 R’000 R’000 R’000 Total revenue 367,252 1,552,144 1,919,396 183,863 944 Cost of goods sold (349,595) (841,331) (1,190,926) (168,006) 609 EBITDA 14,520 712,207 726,727 (255,285) N/A Net profit/(loss) after tax (23,858) 602,040 578,182 (344,269) N/A Net operating cash flow (236,234) 487,491 251,257 (204,787) N/A EPS (cents per share) (4.54) 118.59 114.05 (82.78) N/A DPS – £0.01 £0.01 – N/A IFM Annual Report 2008 Report Annual IFM 1 CORPORATE PROFILE International Ferro Metals (IFM) is an integrated IFM’s integrated ferrochrome mining and ferrochrome producer listed on the London production facilities use the latest technology Stock Exchange (LSE: IFL). ensuring that its product is of international quality and that IFM is a low-cost producer. The Company’s mission is to develop and operate sustainable, profitable and efficient Ferrochrome is an essential ingredient in mining and mineral processing operations, with stainless steel production. The demand for the emphasis being on the production of mineral ferrochrome is expected to remain strong owing products for the international steel industry. In to the continued industrial growth and demand the process, the Company strives to utilise for stainless steel, particularly in China. IFM’s ethically, environmentally and socially strategic relationship with its major shareholder, responsible methods. Jiuquan Iron and steel (Group) Company (JISCO), provides a valuable offtake agreement IFM is well positioned to take for its product. advantage of opportunities for expansion Having reached steady-state operations in respect of its first phase of production in FY2008 and consolidation in the ferrochrome with a cap of 300 million pounds of chrome per annum, IFM has embarked on the second phase industry with plans to grow its share of of growth by starting its staged expansion the global ferrochrome market from programme. In this second phase, the mining, processing and smelting facilities will be around 3.5% to around 7% per annum. expanded and upgraded to produce 750 million pounds of chrome units per annum. IFM produces ferrochrome from chromite ore located in the Bushveld Igneous Complex, IFM moved from the Alternative Investment one of the world’s richest mineral Market (AIM) to the Main Board of the London repositories and largest ferrochrome Stock Exchange on 31 August 2007 and the producing regions in the world. IFM’s Lesedi Company was included in the FTSE 250 on chromite mines and integrated ferrochrome 21 December 2007, making it the first Australian processing and beneficiation operations are company to be admitted to the UK index. situated at Buffelsfontein, 100km north-west of Johannesburg, South Africa. The Company IFM is well positioned to take advantage of is currently developing the nearby Skychrome opportunities for expansion and consolidation in deposit in which it has an 80% interest the ferrochrome industry with plans to grow its and which will allow the company to share of the global ferrochrome market from increase production significantly. around 3.5% to around 7% per annum. Group structure International Ferro Metals Limited 100% 98.75% 100% International Ferro International Ferro Metals Purity Metals Metals SA (SA) (Pty) Ltd Holdings (Pty) Ltd Holdings (Pty) Ltd 1.25% 80% Global Eagle Minerals & Benefication (Pty) Ltd Skychrome (Pty) Ltd 20% Bapo Ba Mogale Tribe IFM Annual Report 2008 Report Annual IFM 2 IFM’s operations Klipvoor Dam r Ruighoek Saulspoort e v Mogwase i Horizon R e l i Batlhako d o Pilansberg Alkaline c o Chromeden r Complex C Pilansberg National Park Heystekrand Ledig Sun City Vaalkop Dam Rooikopples Merafe Dam Bafokeng Stellite Project Rustenburg Hernic Hernic Wonderkop Brits Townlands Mooinooi International Purity Minerals Ben Botha Ferro Metals Waterval Section Rustenburg Bayer Skychrome Sunny Haven Bapong Millsell Hartebeespoort Dam Waterkloof Section Samancor Kroondal Section Elandsdrift Hernic Northern Limb FeCr smelter Eastern Limb Chromite mine Western Limb Southh Africaa Bushveld Complex Johannesburg Cape Town IFM Annual Report 2008 Report Annual IFM 3 CORPORATE PROFILE (CONTINUED) The Company’s mission is to develop and operate sustainable, profitable and efficient mining and mineral processing operations, with the emphasis being on the production of mineral products for the international steel industry. IFM Annual Report 2008 Report Annual IFM 4 Ferrochrome process Reductants Raw material handling, Binder receiving and storage Screening and 24-hour storage Pelletising and sintering Flux finess Ore Carbon Lumpy Filter Waste chip cake Electrical Co-generation Blending CO2 gas Ore benefication plant Multiple pre-heating Gas cleaning Run-of-minemine Slag Submerged arc furnace FeCr Ignots closed furnace FeCr product Metal recovery plant Crush and screen Slag storage Storage Despatch IFM Annual Report 2008 Report Annual IFM 5 CHAIRMAN’S STATEMENT The outlook for next year is positive. IFM expects materially higher production at Buffelsfontein, the start of mining operations at Skychrome and a continuation of strong market conditions in ferrochrome. IFM Annual Report 2008 Report Annual IFM 6 The Company has now completed its first full As announced last year, the Company plans to year of production at its Buffelsfontein expand its production facility to 665,000 tonnes ferrochrome facility, a project which it built per year by constructing an additional three ahead of schedule and on budget. As is usual, furnaces, together with ancillary plants. While the ramp-up period, which took place in the the Company has been assured by Eskom that it first half of the year, included some teething is in a good position to obtain the necessary problems and the Company’s technical power without extensive delay, based on an personnel had to surmount a number of well earlier contract and payment for power lines and documented challenges. In addition, during the a sub-station, uncertainty over electricity supply year, Eskom, South Africa’s electricity supplier, has forced management to reassess its encountered generating failures and announced expansion plans. significant cutbacks in the provision of electricity to industry. Until the electricity supply situation is clarified, the Company’s expansion plans will consist of Despite these difficulties, IFM achieved full the following. It will construct the beneficiation AJ Grey ramp-up, adjusted for the lower electricity plant which is expected to provide an additional Executive Chairman availability, and produced 205,607 tonnes of 1.8 million tonnes of beneficiated ore from ferrochrome in the financial year, including December next year and will build a co- ferrochrome contained in slag. This represents generation plant. The co-generation plant will 77% of the Company’s rated production generate electricity that should provide for an additional 27,000 tonnes of ferrochrome capacity of 267,000 tonnes. During the year the Company commissioned the design of a co-generation facility which will Additional drilling increased harness the offgases from its furnaces to generate power. This is a cost-effective and chromite resources from environmentally friendly facility which we expect will provide sufficient power to make up 73.5 million tonnes to for the Eskom reduction currently being experienced. 126 million tonnes Construction of this project has started and it production per annum. The plan also consists of is expected to deliver 12% more power by completing a study into the feasibility of pre- July 2009. reducing the furnace feed, a process that utilises pulverised coal and significantly reduces the Additional drilling increased chromite resources amount of electricity required to produce from 73.5 million tonnes to 126 million tonnes. ferrochrome. This 72% increase provides the Company with sufficient resources to feed an expanded five In the meantime, the Company’s cash position furnace configuration for over 45 years. at year-end of R972 million, with no bank debt, and its substantial generation of free cash, afford The Company has brought production on stream it the financial strength to fund its expansion in a propitious period in the history of the strategy and seek acquisition opportunities at a ferrochrome industry. Strong demand from the time when general access by companies to stainless steel producers is being reflected in external funding is constrained by events in the robust ferrochrome prices. the combination of global financial industry. significant production at low cost by world standards, and high prices allowed the Company to achieve its first profit after tax, of R578 million (£39.5 million) with earnings per share of R1.14 (7.79 pence). The Board has declared a maiden dividend of 1 pence per share. The outlook for next year is positive. IFM expects materially higher production at Buffelsfontein, the start of mining operations at Skychrome and a continuation of strong market conditions in AJ Grey ferrochrome.
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