Afarak announces $7.4mln write down at Mogale, profit warning for full-year 2018

Afarak will write down its Mogale Alloys ferro-chrome plant in South Africa by €6.5 million ($7.4 million) in the fourth quarter of the year, it said alongside a profit warning for the full-year 2018 amid subdued ferro-chrome prices and rising costs.

The London and Helsinki-listed mining and metallurgical group said Mogale has been affected by a series of challenges including technical issues, lower quality ore, rising power costs and the strengthening of the South African rand. The group also issued a profit warning in May last year for the first quarter of 2018, blaming a 30% year-on-year...

Published

Janie Davies

February 21, 2019

12:02 GMT

London