Noble seeks court order over IFM's forward sale of FeCr

Noble has launched a court application to force International Ferro Metals' South African subsidiary (IFM) to allow the trading firm to take possession of 3,000 tonnes of ferro-chrome that it pre-financed in May.

Noble pre-financed 15,000 tonnes of charge chrome in May at ZAR 7.95 ($0.58) per lb, worth a total of ZAR 147 million for IFM. Noble paid 90% of the total price within days of the agreement. IFM went into business rescue in late August and its affairs were taken over by appointed legal practitioners. Documents filed in a South African court in September and seen by Metal Bulletin show Noble is seeking an order that would allow it to take possession of the material, which it believes is stored at IFM’s plant in South Africa. Noble received 9,000...

Published

Janie Davies

October 29, 2015

11:10 GMT

London