Company news: Ferro Alloy Corporation

Ferro Alloy Corporation on Thursday informed the exchanges that following the sudden suspension of mining work at its Ostapal chromite mines and Kaiarangiatta chromite mines due to “additional payment sought by the contractor beyond the terms of the contract”, mining operations at these mines have been stopped. Alternative arrangements are being made to resume the work at the earliest, it said. The company has adequate ore to ensure continued production of ferro-chrome for now, it further said. Shares of Ferro Alloy closed 2.12 per cent lower at ₹4.16 on the BSE.