Last checked at 19 Oct 2020 07:32
AFARAK GROUP: PRODUCTION REPORT Q3 202007:30 London, 09:30 Helsinki, 19 October 2020 - Afarak Group Plc (“Afarak” or “the Company”) (LSE: AFRK, NASDAQ: AFAGR)
Production report Q3 2020
The overall Afarak Group production during the third quarter of 2020 reduced by 60.1% when compared to same quarter of prior year.
| Q3/2020 | Q3/2019 | Change | FY 2019 | ||||
| Group production | mt | 40,766 | 102,219 | -60.1 % | 426,774 | ||
| Mining | mt | 38,860 | 93,039 | -58.2 % | 357,557 | ||
| Processing | mt | 1,906 | 9,180 | -79.2 % | 69,217 | ||
| Speciality Alloys production | mt | 17,441 | 25,228 | -30.9% | 100,765 | ||
| Mining | mt | 16,082 | 19,635 | -18.1% | 75,251 | ||
| Processing | mt | 1,359 | 5,593 | -75.7% | 25,515 | ||
| FerroAlloys production | mt | 23,325 | 76,991 | -69.7% | 326,008 | ||
| Mining | mt | 22,778 | 73,404 | -69.0% | 282,306 | ||
| Processing | mt | 547 | 3,587 | -84.8% | 43,702 | ||
Mining
Afarak Group’s mining activity decreased by 58.2% during the third quarter of 2020 when compared to same period of prior year.Reduced mining activity in the South African mines resulted in significant lower mining volumes.Protection of our staff in the pandemic was our priority.Low market prices and poor demand did not justify enhanced production.Subsequently the volumes at the Turkish mines also decreased during the third quarter.Processing
Processing volumes decreased in both segments by 79.2% during the third quarter of 2020 when compared to same period of the prior year.Slow demand of low carbon ferrochrome resulted in lower production at EWW plant in Germany. The COVID-19 epidemic had a negative impact on the speciality market and as a result EWW plant had to increase the shutdown periods to manage stock levels.Minor production activity recorded during the third quarter of 2020 at Mogale plants as a result of the business rescue process.Helsinki, October 19, 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
Attachment
Afarak_Production report_2020_Q3_EN