Creditors of International Ferro Metals (IFM) will, on March 24, vote on an amended business rescue plan (BRP) for subsidiary IFM South Africa (IFMSA), with the BRP outlining a decrease in the purchase price payable by Samancor Chrome to an estimated R520-million, compared with an initial price of R720-million. The lower purchase price followed a January settlement between IFM’s South African subsidiaries, IFMSA and IFM SA Holdings, and Rustenburg Platinum Mines (RPM) regarding an upper-group two (UG2) chrome ore supply dispute.
