African Rainbow Minerals (OTCMKTS:AFBOF) Stock Falls 9.7% – Time to Sell?

African Rainbow Minerals Limited (OTCMKTS:AFBOF)’s share price dropped 9.7% on Thursday. The stock traded as low as $10.00 and last traded at $10.00. Approximately 600 shares changed hands during trading, an increase of 32% from the average session volume of 455 shares. The stock had previously closed at $11.07.

African Rainbow Minerals Stock Performance

The stock has a 50-day moving average price of $10.28 and a 200-day moving average price of $12.41.

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.