Creating approximately 1000 jobs directly in South Africa while China's JISCO buying 40% of IFM SA's products is a win-win cooperation and benefits all, says China's ambassador to South Africa Mr. Liu Guijin on July 19 while he unveils the Lesedi Shaft of IFM SA (International Ferro Metals Limited South Africa), a joint venture by JISCO (Jiuquan Iron and Steel Corporation) and its partners from South Africa and Australia. JISCO is IFM SA's strategic investor with 26.1% of its share as well as its major product off-taker.

Minister-counselor Zhou Yuxiao, counselor Lin Guiru, Zhou Pingjian from the Chinese Embassy, together with Australia's High Commissioner to South Africa, officials from the Department of Mineral and Energy and North West Provincial Government, also presented at the official opening ceremony.

Lesidi Shaft is an underground mining operation where Chrome ore is extracted form the MG1 and MG2 Chrome seams of the world famous Bushveld Complex. Construction of the integrated processing facility, including the benefication, sintering and palletizing plants and smelter, is 55% completed. IFM SA will produce 26500 tonnes of charge chrome per annum, and will enter the market in the first quarter of 2007. During the construction phase approximately 3000 jobs will be created, with approximately 1000 direct employment opportunities during steady state production.