08:00 London, 10:00 Helsinki, 29 April 2021 - Afarak Group Plc (“Afarak” or “the Company”) (LSE: AFRK, NASDAQ: AFAGR)
Production report Q1 2021
The overall Afarak Group production during the first quarter of 2021 reduced by 50.6% when compared to same quarter of prior year.
| Q1/2021 | Q1/2020 | Change | FY 2020 | ||||
| Group production | mt | 37,728 | 76,405 | -50.6 % | 214,775 | ||
| Mining | mt | 31,384 | 59,950 | -47.7 % | 184,779 | ||
| Processing | mt | 6,344 | 16,456 | -61.4 % | 29,997 | ||
| Speciality Alloys production | mt | 25,838 | 27,168 | -4.9% | 89,715 | ||
| Mining | mt | 19,494 | 19,105 | 2.0% | 73,306 | ||
| Processing | mt | 6,344 | 8,063 | -21.3% | 16,409 | ||
| FerroAlloys production | mt | 11,890 | 49,237 | -75.9% | 125,060 | ||
| Mining | mt | 11,890 | 40,844 | -70.9% | 111,472 | ||
| Processing | mt | 0 | 8,393 | -100.0% | 13,588 | ||
Mining
- Afarak Group’s mining activity decreased by 47.7% during the first quarter of 2021 when compared to same period of prior year.
- Reduced mining activity in the South African mines resulted in significant lower mining volumes due to low market prices and poor demand.
- The mining activity at the Turkish mines was at same level as same period last year as it increased marginally by 2.0%.
Processing
- Processing volumes decreased by 75.9% during the first quarter of 2021 when compared to same period of the prior year.
- The retracted demand of low carbon ferrochrome during 2020 started to improve during the first quarter of 2021, however production was still lower when compared to prior year at EWW plant in Germany.
- The production in the FerroAlloys segment recorded during 2020 related to processed material at Mogale plants which was reclassed to discontinued operations during 2020.
Helsinki, April 29, 2021
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
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