Afarak has warned it expects to report a loss for the first quarter of 2018, citing a 30% drop in the benchmark price for ferro-chrome, higher raw materials costs and the appreciation of the South African rand.
The London and Helsinki-listed mining and metallurgical group, which operates the Mogale Alloys chrome operation in South Africa, expects to report negative earnings before interest, taxes, depreciation and amortization (Ebitda) of about ?,?1 million ($1.2 million)."Following a 30% drop in the charge chrome benchmark price from a year earlier on one side, and the significantly increased prices of raw materials, graphite electrodes and ferro-silicon on the other, profitability was...