African Rainbow Minerals (OTCMKTS:AFBOF) Shares Down 6.7% – Here’s What Happened

African Rainbow Minerals Limited (OTCMKTS:AFBOF) dropped 6.7% during trading on Thursday . The company traded as low as $14.00 and last traded at $14.00. Approximately 276 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 595 shares. The stock had previously closed at $15.00.

African Rainbow Minerals Price Performance

The stock has a 50 day moving average of $13.50 and a 200 day moving average of $11.67.

About African Rainbow Minerals

African Rainbow Minerals (OTCMKTS:AFBOF) is a South Africa–based diversified mining and beneficiation company with a portfolio spanning ferrous metals, base metals and precious metals. The company’s principal operations include the exploration, extraction, processing and marketing of iron ore, manganese, chrome, platinum group metals and gold. Through a combination of wholly owned operations and strategic joint ventures, African Rainbow Minerals participates in every stage of the mining value chain, from resource evaluation and mine development to downstream smelting and refining.

The company holds majority interests in several prominent mining assets in South Africa, including iron ore and manganese operations in the Northern Cape and chrome and platinum group metals projects in the Bushveld Complex.