AFARAK GROUP: PRODUCTION REPORT Q1 2021

AFARAK GROUP: PRODUCTION REPORT Q1 2021

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
Main media

www.afarak.com

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