Pan African yet to determine impact of IFM SA business rescue

JSE-listed Pan African Resources’ wholly-owned Phoenix Platinum Mining subsidiary will work closely with the business rescue practitioner for International Ferro Metals’ South African subsidiary to ensure that Phoenix’s interests are safeguarded. London-listed IFM on Wednesday announced that its IFM SA subsidiary, which operates the Lesedi underground mine and ferrochrome-smelting operations, had entered into business rescue, owing to deteriorating business conditions, including unsustainably low ferrochrome prices, rising costs, including labour and electricity costs, and interruptions in power supply and the resultant production losses.