International Ferro in electricity agreement with South African utility firm
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.
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.
Under the agreement, Eskom will buy back the electricity which would have been consumed by the two furnaces, "at a rate that results in a net financial benefit" to IFM, the statement said.
Subscribe to 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
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Ben Cohen: The Ben & Jerry’s co-founder who wants to break away from Unilever
Ben Cohen of Ben & Jerry’s ice cream is seeking to break away from Unilever, the conglomerate he sold out to in 2000. It’s a battle for the soul of the brand synonymous with corporate do-gooding.
By Jane Lewis
-
Trump wants to colonise Mars – will it happen?
Donald Trump wants to plant the US flag on Mars. Could humans really live there?
By Simon Wilson