Ferro-Alloy Resources Ltd (LSE:FAR) has reported a ‘solid’ first quarter with production more than doubling though output was still less than expected due to torrential rainfall in Kazakhstan.
In the three months to end March 2024, vanadium pentoxide output rose by 160% to 81.6 metric tonnes with molybdenum and nickel tonnage also higher.
Severe flooding in Kazakhstan during March caused transport delays in-country and infrastructure issues at the plant site, the statement said, while one of the group's four roasting ovens also required re-lining.
The floods have also affected production early in April though plant improvements should offset this.
Ferro-Alloy added it had also started to source and treat raw materials for processing on a tolling basis, eliminating the risk of price movements between the time of purchase of concentrates and the sale of the product.
Nick Bridgen, chief executive commented: "The first quarter of the year always produces challenging winter weather, but we are pleased to see a solid increase on the same quarter last year despite more severe weather.
“We are hopeful that we will be able to build on the success of this quarter throughout the rest of the year."