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International Ferro Metals’ (IFM’s) financial performance and cash flows will likely remain under pressure unless there is a “sustained improvement” in the ferrochrome price, which has been hovering at the same level for three consecutive quarters. 

The European Benchmark Price remained at a five-year low of $1.08/lb by the end of June, following a $0.07/lb drop in the March quarter, with no indications of improving market conditions, the company noted in its quarterly production report for the three months to June 30 on Thursday. Higher domestic ferrochrome production in China, lower ferrochrome imports and lacklustre market fundamentals signalled the first ferrochrome price drop for the Asian country since the start of 2015, edging down from between $0.78/lb and $0.79/lb to between $0.76/lb and $0.77/lb, with a Rmb50/t decline for internal ferrochrome tender prices during the three months to June. 

Ferrochrome prices were expected to continue a downward trend amid a persistently weak market, said CEO Chris Jordaan. While the cost of ferrochrome production in South Africa during the winter months would curb production, adequate industry stocks, a recovery in Chinese production and stagnant demand, would constrain any potential recovery in prices for at least the remainder of this calendar year. 

Meanwhile, State-owned power utility Eskom’s electricity price hikes and winter tariffs had offset the benefits of the revenue relief provided by the rand weakening against the dollar. 

IFMs “every effort” to reduce costs and contain cash was being hampered by the above-inflation electricity price increases, which increased by 12.69% on April 1 – 4.69% higher than the price initially approved by the National Energy Regulator of South Africa. Higher power and ore input costs had pushed ferrochrome production costs for the June quarter up 3% to R8.70/lb, from the R8.43/lb recorded in the three months to March. This was a rise over the production costs of R7.82/lb achieved during the three months to December. In June – a winter tariff month – electricity prices were almost 60% higher than in summer, resulting in further cost pressure and lower production as producers sought to contain costs, Jordaan noted. In addition, constrained power supply hampered production in the June quarter, while more than 10% of IFM's ferrochrome production was lost because of load-shedding and power trips in July. This was despite IFM generally not being required by Eskom to shut down or reduce any capacity – above the company’s own voluntary load reductions during peak winter tariff hours.

“The company is actively implementing a number of cost reduction initiatives as previously reported, specifically to further reduce corporate overheads and to reduce internal transport cost by 25%,” IFM said in the production report. The cogeneration plant project, which was aimed at generating 10% of the company’s total electricity requirements, had now been halted indefinitely as IFM sought to cut costs and scale back on capital expenditure (capex). In March, the company said all remedial work on the plant had been put on hold owing to the capex rationing, but that it planned to restart work in September, after the winter period. Although some of the equipment required for the project had been delivered to site, the project would remain on hold until the cash position of the company improved sufficiently to enable it to fund the remaining estimated R34-million required for completion.

FINANCIAL POSITION IFM said the lower ferrochrome pricing environment and the higher Eskom winter tariffs would result in its net borrowings remaining at between R480-million and R500-million in the near term. In the three months to June, IFM’s net borrowings decreased by R35-million to R450-million, owing to the forward sale of 15 000 t of ferrochrome for R116-million in May. The forward sale had generated working capital of R96-million, with R35-million allocated to investing activities and R4-million for financing activities. “Management is focussed on managing the liquidity of the company to ensure it remains within the limits of its R500-million banking facility,” the company said, adding that it would continue to investigate additional forward sales contracts as a means of strengthening its liquidity over the short term.

OUTPUT

Meanwhile, IFM delivered higher production in the three months under review, rallying after a first-half loss owing to interruptions to production and lower sales. 

IFM achieved a 4% quarter-on-quarter rise in ferrochrome production to 51 030 t, with the full-year production in line with the revised guidance of 200 000 t. However, low availabilities of mobile equipment and a ten-day Department of Mineral Resources stoppage in April had hampered the Lesedi underground mine’s efforts to deliver on a targeted production level of 25 000 t/m run-of-mine (RoM) by the financial year end of June 30. Lesedi produced 34 390 t RoM, down 25% on 45 774 t produced in the March quarter. 

The mine was improving post-period as the underground mobile equipment and conveyor systems reached completion. The company’s now-idled Rooderand mine had produced 6 458 t RoM in the June quarter, a plunge from the 22 495 t produced in the March quarter. “The difficulties related to the orebody exhibiting a higher degree of geological faulting, steeper dips and a higher degree of weathering resulting in mining operations being suspended in May,” the company explained. 

IFM was currently mulling its options for the less-than-a-year-old operation, with a final decision expected in the third calendar quarter of 2015. IFM’s ferrochrome sales remained static at 51 618 t in the three months to June. IFM had a ferrochrome inventory of 7 582 t as at June 30, a 12% decline on the prior quarter, which was in line with the company's strategy to reduce working capital.