Share Issue/Capital Change • Mar 14, 2018
Share Issue/Capital Change
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National Storage Mechanism | Additional information
07:00 London, 09:00 Helsinki, 14 March 2018 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)
AFARAK GROUP INCREASES ITS MINING CAPACITY
Vlakpoort mining right granted
Mine has a minimum of 6.6 million tonnes of proven chrome reserves
Preparatory work to start in quarter two
Production of 20,000 tonnes per month envisaged from quarter three
Afarak Group announces that its application for a new order mining right on its Vlakpoort site has been granted in terms of Section 23(1) of the Mineral and Petroleum Resources Development Act, 2002 (Act 28 of 2002) as amended by Mineral and Petroleum Resources Development Amended Act, 2008 (Act 49 of 2008 by the Department of Mineral Resources (DMR) in South Africa.
The Vlakpoort Mine is situated on the Northern part of the western limb of the Bushveld complex in South Africa. The surface right was acquired in 2011 after the prospecting right was granted to Destiny Springs Investments 11 a subsidiary of Afarak by the DMR. Since then, extensive exploration work was conducted which included geological drilling, trenching and bulk sampling of the LG5 and LG 6 seams. The property has a minimum proven resource of 6.656m tons of chrome and 330,314 ounces of PGMs. This includes the underground potential. The resource consists of the LG1-6, MG1-4 and the UG1- 2 and Merensky reefs.
Guy Konsbruck, CEO of Afarak Group, said, "Afarak continues on its path to further extend its mining capacity in South Africa. Works are expected to commence towards the beginning of quarter two and mining is expected to ramp up to a steady state of around 20,000 tonnes in quarter three. The availability of Vlakpoort ore will further consolidate Mogale's position as a quality ferrochrome smelter in South Africa."
Guy Konsbruck
CEO
For additional information, please contact:
Afarak Group Plc
Guy Konsbruck, CEO, +356 2122 1566, [email protected]
Jean Paul Fabri, +356 9940 8746, [email protected]
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
*This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Afarak Group via Globenewswire*
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