Ferro-Alloy Resources Ltd - Balasausqandiq vanadium deposit in southern Kazakhstan - ‘Deeply shocked’ by Russia’s invasion of Ukraine. Says operations in Kazakstan are currently unaffected, with raw materials and supplies being delivered to its site ‘as normal’. Has commercial relationships with companies in Russia to buy materials, but notes there are alternative suppliers of all these materials in Kazakhstan and other countries. The 15% fall in the Kazakhstan tenge and the 30% plunge in the Russian ruble will ‘significantly reduce’ Ferro-Alloy’s costs, as most are paid in these two currencies.
Current stock price: 17.52 pence, down 17% on Wednesday; intraday low 15.25p
12-month change: up 74%
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