(Alliance News) - Ferro-Alloy Resources Ltd on Monday said that its output was impacted by a lack of raw materials in the first half of 2023 due to defaults of some of its suppliers.
The vanadium producer in Kazakhstan said pretax loss in the first half of 2023 widened to USD1.5 million from USD694,000 a year prior. Revenue fell 15% to USD3.3 million from USD3.9 million. Administrative costs 16% increased to USD1.3 million from USD1.2 million.
While production was constrained by a lack of raw materials due to continuing defaults of some of its suppliers, the company said, looking ahead: "sufficient volumes of raw materials have been purchased and are en route to the group's plant site to allow full production from mid to late September. Winter transport delays may impact on winter deliveries, albeit to a lesser extent than previously experienced."
Ferro-Alloy Resources shares rose 4.1% to 9.37 pence each on Monday morning in London.
By Tom Budszus, Alliance News reporter
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Ferro-alloy Re. (FAR)