AI assistant
Afarak Group Regulatory Filings 2018
3302_rns_2018-08-01_6b858ec1-934f-4e2f-ba4d-70b1ed692d0d.html
Regulatory Filings
Open in viewerOpens in your device viewer
MOGALE TO SHUT DOWN FURNACE THREE
MOGALE TO SHUT DOWN FURNACE THREE
16:00 London, 18:00 Helsinki, August 1, 2018 - Afarak Group Plc ("Afarak" or "the Company")
MOGALE TO SHUT DOWN FURNACE THREE
Afarak Mogale has reported an unexpected failure in Furnace Three, a 20 MVA submerged arc furnace producing ferrochrome.
The fault relates to the transformer of the furnace and repairs are expected to last up to 14 weeks. This results in approximately a reduction in capacity and production of around 7,000 tonnes. In turn, this is expected to negatively affect Mogale’s financial performance during quarter three. Discussions with the insurance companies have commenced.
The management of Mogale is working on a contingency plan in order to minimise the disruption.
Guy Konsbruck
CEO
For additional information, please contact:
Guy Konsbruck, CEO, +356 2122 1566, [email protected]
Jean Paul Fabri, +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