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Afarak quarterly output drops 60%
StockMarketWire.com
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Helsinki and London listed mining company Afarak reported a 60% fall in third-quarter production, citing disruptions created by the Covid-19 pandemic.
Alloy production for the three months through September dropped to 40.8 million tonnes, from 102.2 million tonnes.
Afarak said reduced mining activity in South African resulted in significant lower mining volumes. 'Protection of our staff in the pandemic was our priority,' it added.
The company also said that low market prices and poor demand did not justify enhanced production. 'Subsequently the volumes at the Turkish mines also decreased during the third quarter,' it said.
Story provided by StockMarketWire.com
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