4:00 p.m. London, 6:00 p.m. Helsinki, April 30, 2020 – Afarak Group Plc (Afarak or society) (LSE: AFRK, NASDAQ: AFAGR)
Q1 2020 production report
Overall production in the first quarter of 2020 contracted by 42.6% compared to the same period of the previous year.
|Q1 2020||Q1 / 2019||Change||FY 2019|
|Production of special alloys||mt||27 168||24,439||11.2%||100,765|
|Ferroalloy production||mt||49,237||108,778||-54.7%||326 008|
- The mining activity of the Afarak groups decreased by 45.4% in the first quarter of 2020 compared to the same period of the previous year;
- The contraction in mining activity is mainly due to the absence of mining activity in the Mecklenburg mine and to considerably lower mining activity in the Stellite mine;
- Minor activity recorded in the Vlakpoort mine and the Zeerust mine;
- The Turkish mines maintained their efficiency in the results of the mining activity, where it increased by 10.5% in the quarter compared to the same period in 2019;
- The current impact of the COVID-19 epidemic has had a limited effect on the mining activity of the Afarak group in South Africa since the approval by the authorities that we can stop some mining activity in the Stellite mine according to strict health guidelines.
- Production from the processing activity decreased by 30.0% in the first quarter of 2020 compared to the same period of the previous year;
- The increase in production at the EWW processing plant in the special alloys segment was offset by the decrease in processing activity at the Mogale processing plant in the ferro-alloys segment;
- The production of processed materials decreased significantly in the ferro-alloys segment due to the fact that Mogale was not fully operational compared to the same period last year, the two furnaces P2 and P3 having been switched off in 2019;
- Following the nationwide closure in South Africa due to the current COVID-19 epidemic, authorities have agreed to Afarak to continue production.
Helsinki, April 30, 2020
AFARAK GROUP PLC
Board of directors
For more information, please contact:
Afarak Group Plc
Guy Konsbruck, CEO, +356 2122 1566,[email protected]
Financial reports and other information for investors are available on the Company’s website:www.afarak.com.
Afarak Group is a specialized alloy producer focused on sustainable growth with a Special Alloys activity in southern Europe and a FerroAlloys activity in South Africa. The Company is listed on NASDAQ Helsinki (AFAGR) and on the main market of the London Stock Exchange (AFRK).
London Stock Exchange
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