Ferro-Alloy Resources Ltd - vanadium producer in Kazakhstan - Says revenue and profitability in the fourth quarter of 2023 have been lower than previously expected due to falling metal prices and production shortfalls. Market prices for all of recovered metals have deteriorated significantly during the quarter, largely due to decreased demand, Ferro-Alloy explains. Vanadium pentoxide, for example, fell to a low of USD40.00 per pound from USD54.50 on September 1. "Looking ahead to 2024, the company will continue to work to maintain profitability in the current low-price environment by renegotiating concentrate costs and other contractual terms. The company is also experimenting with new types of concentrate which, whilst producing the same quality of product, could be potentially more profitable," Ferro-Alloy adds. Chief Executive Officer says: "The longer term outlook for vanadium, regarded as a critical metal by the UK, EU and the US remains highly encouraging."
Current stock price: 5.10 pence, closed down 35% in London on Friday
12-month change: down 56%
By Tom Waite, Alliance News editor
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Ferro-alloy Re. (FAR)