Publication of Amended Business Rescue Plan

18 Mar 2016

Further to the announcement released by the Company on 21 January 2016, IFL announces that the Amended Business Rescue Plan (“Plan”) in respect of its South African subsidiary, International Ferro Metals (SA) (Pty) Limited (“IFMSA”) proposed by the Business Rescue Practitioner is now available on the Company’s website. The Plan will be considered by creditors at a meeting on 24 March 2016. At that meeting, the Business Rescue Practitioner will seek approval of the Plan to implement a revised offer received from Samancor Chrome Limited (“Samancor”).

Pursuant to IFMSA’s settlement with Rustenburg Platinum Mines, Samancor reduced its aggregate offer price from ZAR720 million to ZAR520 million.

The principle terms of the offer from Samancor are as follows:

  • will only become legally binding once approved by creditors at the creditors meeting;
  • has offered an aggregate consideration of ZAR520 million in three divisible tranches:
    • ZAR310 million for the business and assets of IFMSA;
    • ZAR140 million for the IFMSA Mining Right and Beneficiation Plant; and
    • ZAR70 million for certain receivables of Sky Chrome and Sky Chrome’s equity for ZAR1;
  • is subject to a number of conditions being satisfied before Samancor would be required to complete the acquisition, including obtaining regulatory approvals and consents of other parties to certain material contracts, which are usual for transactions of this nature.

Based on the Plan’s distribution schedule, it is not likely that IFL shareholders would receive any distribution from the conclusion of the business rescue process.

Due to the continuing material uncertainties facing the Company, the Company remains not in a position to publish its annual report and accounts for the year ended 30 June 2015 and interim accounts to 31 December 2015 at this time.

Further announcements in relation to the Business Rescue process will be released in due course.

- ENDS -

For further information please visit or contact:

International Ferro Metals Limited
Chris Jordaan, Chief Executive Officer
Tel: +27 14 574 6302
Numis Securities Limited
James Black / John Prior / Paul Gillam
Tel: +44 (0) 20 7260 1000

About International Ferro Metals:
International Ferro Metals produces ferrochrome, the essential ingredient in stainless steel, from its
integrated chromite mine and ferrochrome processing operations in South Africa. International Ferro
Metals is listed on the London Stock Exchange under the symbol IFL.

Forward Looking Statements
This announcement contains certain forward looking statements which by nature, contain risk and uncertainty because they relate to future events and depend on circumstances that occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements.