AFARAK GROUP INCREASES ITS MINING CAPACITY
14 March 2018 - 6:00PM
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, guy.konsbruck@afarak.com
Jean Paul Fabri, +356 9940 8746, 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).
Distribution:
NASDAQ Helsinki
London Stock Exchange
Main media
www.afarak.com
PR_Vlakpoort_EN
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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