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AFARAK GROUP: PRODUCTION REPORT Q3 2020
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.
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Q3/2020
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Q3/2019
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Change
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FY 2019
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Group production
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mt
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40,766
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102,219
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-60.1 %
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426,774
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Mining |
mt |
38,860 |
93,039 |
-58.2 % |
357,557 |
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Processing |
mt |
1,906 |
9,180 |
-79.2 % |
69,217 |
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Speciality Alloys production
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mt
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17,441
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25,228
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-30.9%
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100,765
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Mining |
mt |
16,082 |
19,635 |
-18.1% |
75,251 |
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Processing |
mt |
1,359 |
5,593 |
-75.7% |
25,515 |
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FerroAlloys production
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mt
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23,325
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76,991
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-69.7%
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326,008
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Mining |
mt |
22,778 |
73,404 |
-69.0% |
282,306 |
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Processing |
mt |
547 |
3,587 |
-84.8% |
43,702 |
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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, guy.konsbruck@afarak.com
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
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