Ashapura updates on Guinean Operations

Ashapura Minechem Ltd has announced that various authorities in Republic of Guinea are in the process of initiating new norms for streamlining mining infrastructure and incidental processes for adherence by mining Companies.

In implementation of such process, mining & export operations have been temporarily impacted during month of March 2024. This will impact the performance of Company (Consolidated) for Q4 FY 23-24.

Having said that, the Company has 5 ships in Guinean waters awaiting resumption of loading Bauxite for export. The situation is normalized now and export loading has just resumed from today.

The export activities have not been stopped because of any Company specific issues or any pollution or compliance related issues. At the same time, there is no market constraint. Most of the Company's production volume for FY 2024-25 is committed and the demand for Bauxite remains strong.

Shares of Ashapura Minechem Limited was last trading in BSE at Rs. 381.55 as compared to the previous close of Rs. 375.50. The total number of shares traded during the day was 14299 in over 489 trades.

The stock hit an intraday high of Rs. 388.25 and intraday low of 370.85. The net turnover during the day was Rs. 5451706.00.

Source : Equity Bulls

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AshapuraMinechem INE348A01023 Mining Bauxite Exports Update GuineaOperations