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[Ferro-Alloys.com] International Ferro Metals on July 17th said its ferrochrome production increased in its fourth quarter giving it record full-year production, but it warned on costs after it failed to receive a UG2 chrome supply during the period.

IFM, which produces ferrochrome, an essential ingredient in stainless steel, said its overall ferrochrome production was up 46% to 57,462 tonnes for the three months to June 30, 2014 from 39,454 tonnes the previous year, helping the company achieve record full-year production of 228,000 tonnes.

The company said its mining activities increased during the period after its Sky Chrome site production improved due to high grade ore sourcing.

IFM said it will now temporarily suspend its plan to extract new ore from Sky Chrome and will move back to sourcing cheaper ore externally to reduce costs.

The company also said its Lesedi underground mine in South Africa was restarted earlier in the year and the first blast from the new mine happened on schedule in July, in line with previous guidance.

However, IFM said its sales volumes fell 14% on the previous quarter to 52,172 tonnes as it continued to manage inventory and working capital in line with its needs and it saw a shortfall in low-cost UG2 supply from Anglo American Platinum, a subsidiary of Anglo American PLC.

UG2 chrome is a by-product of platinum group metals processing which is used by IFM to produce ferrochrome.

The company said it failed to receive any UG2 supply from Amplats, which was hit by a now-finished strike by platinum miners in South Africa. It said that the strike is now finished and first supplies of UG2 are expected this month.

IFM's ferrochrome production costs during the quarter came in at ZAR7.59 per pound, up 8.0% on the previous quarter's ZAR7.03 per pound as the lack of UG2, electricity increases and higher winter tariffs hit the company.

"We continue to face a low ferrochrome pricing environment and higher cost pressures due to circumstances beyond the company's control. Against this backdrop, we expect another year of improved financial performance as the smelting operations continue to work at full load, UG2 ore supplies will resume from Anglo Platinum, and as we continue to tightly control costs and cash flow," Chief Executive Chris Jordaan said in a statement.

• [Editor:Yueleilei]