Ferro-Alloy Resources Limited says the situation in Ukraine has had no impact on its vanadium operations in south Kazakhstan and it has alternative suppliers for materials currently sourced from Russia.
In a statement, Ferro-Alloy said: “The Board of FAR is deeply shocked by the recent invasion of Ukraine and is deeply concerned about the tragic consequences unfolding there.
“Whilst the situation in Ukraine remains complex and changeable, the company's operations in Kazakhstan are currently unaffected with raw materials and supplies being delivered to site as normal.
“While exchange rates are volatile currently, the immediate impacts of the fall in the value of the Russian Rouble by around 30%, and the fall in the value of the Kazakhstan Tenge by around 15%, are to significantly reduce the Group's costs given most of them are denominated in these two currencies.”
Work on the bankable feasibility study is progressing on schedule, the statement added.