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Afarak Group — Earnings Release 2020
Oct 19, 2020
3302_rns_2020-10-19_e08f96eb-001c-4487-8de3-5d7d5034f65a.pdf
Earnings Release
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AFARAK GROUP
07:30 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, [email protected]
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