International Ferro Metals gains on furnace repair

International Ferro Metals advanced Friday after confirming that operations at its two furnaces had returned to normal following the replacement of the electrode paste in late December.

The company announced in November that the furnaces were experiencing productivity issues due to recurring electrode breaks.

The ferrochrome producer said the root cause has now been fixed and the furnaces are operating at full load.

"The company is confident that the electrode issue has been fully resolved and appropriate action has been taken to prevent it from happening again," it said in a statement.

Shares jumped 9.09% to 12p at 12:40 following the announcement.

The company will on January 24th release its production report for the three months to December 31st.

International Ferro Metals produces ferrochrome, an essential material in stainless steel production, from chromite ore at the Bushveld Igneous Complex in South Africa. It is one of the world's richest mineral repositories and largest ferrochrome producing regions.

RD