Afarak Group Plc Afarak Group: Production Report Q1 2020
01 May 2020 - 12:47AM
UK Regulatory
TIDMAFAGR
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,
https://www.globenewswire.com/Tracker?data=BpPdqVbwMdHK9GoMEHt_dT1fA_vBiJA6VrVFgOkTNWNzlh-Iveg7Cirv_rxIynFUe9KHkyxROaoo0zmimZglmcqalzPE_49PQxY_K5JpdYMf8bR3HfhdrSSfVJprHid2DXM2myqQJciEdRnZN9F7rTopjgbV42MCEVl1mFgiOrublQT42MY7fbNYq4TfGKlMBw71JklSS-Kb3u2jxR6DfIuL77cnIVbc5rVS-zFQu6wgxpRPmuSGZodJ-a3HcUiXAZi9FxvM836uSu66Mz1b3fFwb8jjIzylwpQffcj0BGY=
guy.konsbruck@afarak.com
Financial reports and other investor information are available on the
Company's website:
https://www.globenewswire.com/Tracker?data=qvU8nlZfXWuUmPeJw2t3uUSho_isX8L4ck-WtMKym5TvBXIhOt9yEiE4fGcX7_hcHi2GR2kv_eW7imE49XVXSIkSDeOpBnh-BWnuCc7Z9sh2Y3SXbi5c33GKEAycNGjOfPnvYYdjZl3Q4k8uZ5MQ8w9Ym5eefCZLRhk2uJ4WZbzdXYx27SGzl_tLNQv463vyCXCN-4B8BaQ-jzsQiCnG-d0EsS6w-cuw6DtWpZOWukQ=
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
https://www.globenewswire.com/Tracker?data=qvU8nlZfXWuUmPeJw2t3uSoDhwvSug5RqwnFCMLsU4kBnWeuDqlDAa5-Xg8LPD78hiw6L01C26tB7dvtfPoAnQtV_HIBlEOlbAyt_3Jyz3Chb3DEDM86BYnaNKoXHv074eHipAePnkizPfWJBLego8stpaNncepdHQal8mgQvcDIKzuMX1q1P-lXMGrVo3FEeeKrc7-jJgtATCUZaJ7YNVKZSYIwaZOwTfYd1qrhY0g=
www.afarak.com
(END) Dow Jones Newswires
April 30, 2020 10:47 ET (14:47 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Afarak (LSE:AFRK)
Historical Stock Chart
From Apr 2024 to May 2024
Afarak (LSE:AFRK)
Historical Stock Chart
From May 2023 to May 2024