Afarak confirms Q1 loss, cites lower ferro-chrome benchmark

Afarak has confirmed a first-quarter loss of €700,000 ($836,000) due to lower ferro-chrome prices, higher costs and a stronger South African rand.

The London and Helsinki-listed mining and metallurgical group, which owns the Mogale ferro-alloys plant in South Africa, reported negative earnings before interest, tax, depreciation and amortization (Ebitda) of €700,000 compared with positive Ebitda of €12.7 million for the same period in 2017. The company had recently issued a first quarter profit warning, saying it expected to lose about €1 million. It cited the sharp drop in the European first quarter...

Published

Janie Davies

May 14, 2018

10:27 GMT

London