Last checked at 30 Apr 2020 15:47
AFARAK GROUP: PRODUCTION REPORT Q1 2020
16:00 London, 18:00 Helsinki, 30 April 2020 - Afarak Group Plc (“Afarak” or “the Company”) (LSE: AFRK, NASDAQ: AFAGR)
Production report Q1 2020
The overall production during the first quarter of 2020 contracted by 42.6% when compared to same period of prior year.
| Q1/2020 | Q1/2019 | Change | FY 2019 | ||||
| Group production | mt | 76,405 | 133,217 | -42.6% | 426,774 | ||
| Mining | mt | 59,949 | 109,718 | -45.4% | 357,557 | ||
| Processing | mt | 16,456 | 23,499 | -30.0% | 69,217 | ||
| Speciality Alloys production | mt | 27,168 | 24,439 | 11.2% | 100,765 | ||
| Mining | mt | 19,105 | 17,286 | 10.5% | 75,251 | ||
| Processing | mt | 8,063 | 7,153 | 12.7% | 25,515 | ||
| FerroAlloys production | mt | 49,237 | 108,778 | -54.7% | 326,008 | ||
| Mining | mt | 40,844 | 92,432 | -55.8% | 282,306 | ||
| Processing | mt | 8,393 | 16,346 | -48.7% | 43,702 | ||
Mining
Afarak Group’s mining activity decreased by 45.4% during the first quarter of 2020 when compared to same period of prior year;Contraction in mining activity was mainly attributable to the no mining activity in the Mecklenburg mine and significantly lower mining activity in the Stellite mine;Minor activity recorded in Vlakpoort mine and Zeerust mine;The Turkish mines maintained efficiency in mining activity results, where it was increased by 10.5% during the quarter when compared to same period in 2019;The current Impact of COVID-19 epidemic had a limited effect on Afarak Group mining activity in South Africa since an approval was given by the authorities that we can continue some mining activity in Stellite mine under strict health guidelines.Processing
The production of processing activity decreased by 30.0% during the first quarter of 2020 when compared to same period of the prior year;The increase in production at EWW processing plant within the Speciality Alloys segment was offset by the lower processing activity at Mogale processing plant within the FerroAlloys segment;The production of processed material decreased significantly in the FerroAlloys segment due to Mogale not being in full operation as opposed to same period last year, as both furnaces P2 and P3 were switched off during 2019; Following the nation-wide lockdown in South Africa due to the current epidemic COVID-19, an approval was provided by the authorities for Afarak to continue with production.Helsinki, April 30, 2020
AFARAK GROUP PLC
Board of Directors
For additional information, please contact:
Afarak Group Plc
Guy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@afarak.com
Financial reports and other investor information are available on the Company's website: www.afarak.com.
Afarak Group is a specialist alloy producer focused on delivering sustainable growth with a Speciality Alloys business in southern Europe and a FerroAlloys business in South Africa. The Company is listed on NASDAQ Helsinki (AFAGR) and the Main Market of the London Stock Exchange (AFRK).
Distribution: NASDAQ Helsinki London Stock Exchange Main media
www.afarak.com