AFRK Afarak Group Se

 
TIDMAFAGR 
 
   Opencast mining expected to yield 200,000 tons of chrome ore 
 
   Work on underground mining shaft set to commence in 2017 
 
   Underground mine has potential of 4.5 million tons of chrome ore 
 
   Afarak Group has entered into a Mining Services Agreement with 
Pholagolwa Mining to continue the opencast mining Mecklenburg.  Work is 
currently underway on increasing the high wall to 65 metres from 40 
metres.  The first tonnages are expected shortly and full production is 
expected to be reached by April for a period of six months.  Full 
production will be 30,000 tons of chrome ore per month and the total 
opencast for the project is expected to be just over 200,000 tons of 
chrome ore.  This will also allow better access to the underground 
mining area which has the potential to produce 4.5 million tons of 
chrome ore.  Development of the shaft is scheduled to start later this 
year. 
 
   Dr Alistair Ruiters, outgoing-CEO of Afarak, said that this project 
highlights Afarak's responsiveness to market conditions. "In response to 
the market upswing, an opportunity was identified in increasing the high 
wall and which will allow opencast mining and facilitate underground 
mining. This added production capacity allows us to reap the benefits of 
the current market upswing." 
 
   Guy Konsbruck, CEO-designate of Afarak, added that, "Afarak continues to 
consolidate its position as a lean and flexible vertically-integrated 
company with the capacity to respond to favourable market conditions." 
 
   PR Mecklenburg http://hugin.info/143997/R/2070743/778044.docx 
 
   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 
 
 
  http://www.afarakgroup.com 
 

(END) Dow Jones Newswires

January 12, 2017 02:48 ET (07:48 GMT)

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