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17:00 London, 19:00 Helsinki, 1 April 2021 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, OMX: AFAGR)
AFARAK GROUP PLC'S PUBLISHES FINANCIAL STATEMENTS AND ANNUAL REPORT FOR 1 JANUARY - 31 DECEMBER 2020
Afarak Group announces that it has published today its Annual Report for the year ended 31 December 2020 which is available from the Company's website www.afarak.com.
The Annual Report for 2020 includes a detailed Strategic Review which analysis the Company’s operational and financial performance, risk management and a sustainability review with a focus on the initiatives undertaken with respect to health & safety, host communities and the environment. A Governance Review highlighting the Board’s work during 2020 and initiatives related to Corporate Governance is also included. The Annual Report also includes an updated Resources and Reserves Statement for the Company's mining assets in South Africa and Turkey following activities over the course of 2020.
Commenting on the Annual Report, Guy Konsbruck, CEO of Afarak, said that "2020 was another bad year for the complete Ferro-Chrome industry. The pandemic led to world-wide collapse of demand with low prices. The South African energy prices made it impossible for Afarak to continue operations and the decision had to be taken to put Mogale into business rescue. Our Specialty Alloys segment also had to cope with falling market prices and reduced demand therefore underperformed, when compared to previous years. We have widely continued to temporarily stop mining operations in all mines. Some sites like Stellite and Zeerust continue to treat tailings, and/or toll-treat for third parties.”
A copy of the Annual Report 2020 has been submitted to the UK's National Storage Mechanism.
Afarak will hold its 2021 Annual General Meeting in Helsinki on within the time stipulated in the Finnish Companies Act.
Helsinki, April 1, 2021
AFARAK GROUP PLC
Board of Directors
For additional information, please contact:
Afarak Group Plc
Guy Konsbruck, CEO, +356 2122 1566, firstname.lastname@example.org
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).
London Stock Exchange