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...