By Christian Moess Laursen
Shares in Ferro-Alloy Resources dropped 21% after the company said it expects its full-year production and financial results to take a hit from delays to concentrate supply and continuing low vanadium prices.
At 0713 GMT, shares were down 2.25 pence at 8.50 pence.
The London-listed vanadium producer company said a major supplier defaulted on its monthly supply commitments, causing a long delivery delay, which prompted the company to enter into contract with other suppliers.
However, the company has experienced further unexpected supplier and transport delays, hitting output across the first two months of the third quarter.
At the same time, vanadium prices have remained weak compared with earlier in the year due to an economic slowdown in China, the company said.
Even so, Ferro-Alloy still sees both production and financial results for the full-year to be significantly better than those achieved in 2022.
Write to Christian Moess Laursen at [email protected]
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