Interview with Nicholas Bridgen, CEO of Ferro-Alloy Resources Group (LON:FAR) The Ferro-Alloy Resources Group (FAR) is a vanadium development company. Their primary focus is the 'giant' Balasausqandiq vanadium deposit in Kyzylordinskaya oblast of Southern Kazakhstan. The deposit is claimed by Bridgen to be amenable to a much simpler, cheaper processing treatment than other deposits. In fact, Bridgen thinks FAR can be the lowest-cost producer in the world, and could still maintain a reasonable margin even in an environment of low spot prices. Even for the most optimistic shareholder, they will have been left disappointed by the share price performance of FAR. Starting the year at £0.56, the price has fallen to £0.15 today. FAR's market cap is £47M. Excess supply and low spot demand from the steel industry pulled down ferrovanadium alloy prices in Europe and the US to a two-year low in the first week of October 2019. This has clearly been a key factor behind this decline, but could the management team have done anything differently?
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