Ferrochrome ("FeCr") production up 47% on the previous quarter to 57,849 tonnes ("t"), the fourth highest quarterly production, with both furnaces operating during the quarter under review

 

FeCr sales of 52,249t, which reflects the higher commitment of sales in Q2FY14

 

Strong focus on cost reduction programme and effective use of mining assets to deliver: 88% of targeted production cost savings achieved for the quarter; FeCr stockpile of 15,550t as at 30 September 2013, up from 9,950t in the previous quarter; Co-gen plant produced 15.1GWh of electricity for the quarter, the second highest achievement since commissioning; Chrome ore recovery increased from 43% to 59% quarter on quarter.

 

Lower than expected increase in net borrowings from ZAR362 million at 30 June 2013 to ZAR393 million at 30 September 2013.

 

Zero fatality track record maintained; continued improvement in overall safety performance

 

Operations (excluding working capital) cash generative for the quarter.

 

Production costs continue to allow company to be cost competitive with global ferrochrome producers

 

Post period end:

European Benchmark Price for Q4 of calendar 2013 remained constant at US$1.125/lb