Last checked at 26 Oct 2018 08:35
AFARAK OBTAINS SECTION 11 FOR ZEERUST MINE
08:30 London, 10:03 Helsinki, October 26, 2018 - Afarak Group Plc ("Afarak" or "the Company")
AFARAK OBTAINS SECTION 11 FOR ZEERUST MINE
The Department of Mineral Rights in South Africa has granted Section 11 to Zeerust Chrome Mine.
The ZCM mine has an opencast ore resource of about 2 million tonnes if mined up to 35 meters high wall. Additional capacity exists in the 1.2 million tonnes tailing dump
Following the granting of Section 11, preparations are underway to commence operations during the final quarter of 2018.
Guy Konsbruck, Afarak's CEO, said that "The Section 11 allows Afarak to start mining and to secure an own-supply of high-quality ore for our smelter in Mogale. Thanks to the ore in Zeerust, Mogale will now be the only South African smelter capable of producing High Carbon Ferro Chrome. Afarak will be consolidating its position as a vertically-integrated producer with a diversified range of products"
Guy KonsbruckCEOAfarak Group plc
For additional information, please contact:
Guy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@afarak.comJean Paul Fabri, +356 2122 1566, jp.fabri@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).
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www.afarak.com