Afarak Group Plc Afarak Group: Production Report Q1 2020

 
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, [phone], 
https://www.globenewswire.com/Tracker?data=BpPdqVbwMdHK9GoMEHt_dT1fA_vBiJA6VrVFgOkTNWNzlh-Iveg7Cirv_rxIynFUe9KHkyxROaoo0zmimZglmcqalzPE_49PQxY_K5JpdYMf8bR3HfhdrSSfVJprHid2DXM2myqQJciEdRnZN9F7rTopjgbV42MCEVl1mFgiOrublQT42MY7fbNYq4TfGKlMBw71JklSS-Kb3u2jxR6DfIuL77cnIVbc5rVS-zFQu6wgxpRPmuSGZodJ-a3HcUiXAZi9FxvM836uSu66Mz1b3fFwb8jjIzylwpQffcj0BGY= 
[e-mail] 
 
   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)

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