International Ferro Metals (IFL), the AIM-listed integrated ferrochrome producer, has reached an agreement with South African utility company Eskom to assist with the power utility's electricity supply requirements by participating in its electricity buy-back programme for an agreed period.
IFL will switch out the first furnace from today until May 31st and the second from April until that same date.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
IFL said that its contractual commitments to other customers will not be affected by the new agreement.
"This agreement is value accretive for IFL shareholders, cash generative for the company, helps our national power utility manage its maintenance programme before the winter period, and is agreeable to our lender," said Chief Executive Officer Chris Jordaan.
Shares gained 3.9% to 20.00p.
NR/BC
-
Review: The Grill at the DorchesterThe Grill at the Dorchester has a new, easy-going atmosphere, but the food is serious: from punchy beef wellington to grown-up tarte tatin, says Dan McEvoy
-
Review: The Hut, Colwell Bay – a seafood lunch with a holiday feelTravel Getting to The Hut in Colwell Bay on the Isle of Wight is almost as rewarding as actually eating there
