Last checked at 31 May 2021 08:08
AFARAK GROUP SELLS ILITHA MINE ASSETS08:00 London, 10:00 Helsinki, 31 May 2021 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)
AFARAK GROUP SELLS ILITHA MINE ASSETS
Stock Exchange Release
The Board of Directors of Afarak has approved the arrangement for the sale of Ilitha’s plant, assets and mining right. Ilitha is a South African company which holds the Stellite mine. The buyers are WMA Chrome Mining Property Limited and WMA Minmet Processing Proprietary Limited (the “Arrangement”).
The total purchase price of 400 Million ZAR (around 23.8 million euro) will be paid in 3 portions. The first portion is expected within 30 days from date of signature, the second within 12 months, and the last portion in monthly instalments over the next approximately five years, starting June 2021. Payment dates depend on e.g. the date of transfer of mining licenses.
The arrangement will have a clear positive effect on the Group's financial result in 2021 and will contribute to facilitating working capital management.
Helsinki, May 31, 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