Published: 08:00 CEST 20-04-2017 /GlobeNewswire /Source: Afarak Group / : AFRK /ISIN: FI0009800098
07:00 London, 09:00 Helsinki, 20 April 2017 - Afarak Group Plc ("Afarak" or "the Company")
AFARAK GROUP INCREASES ITS PRODUCTION OF FERROCHROME
Afarak Mogale successfully completes transition of second silicomanganese furnace to ferrochrome.
Open-cast mining resumes at Mecklenburg.
Afarak Mogale is currently utilising all its operating furnaces to produce ferrochrome following the successful transition of a second furnace from silicomanganese to ferrochrome.
Prior to December 2016, Mogale only had one furnace dedicated to ferrochrome. As a response to improved market conditions, Afarak Group successfully converted two of its furnaces from producing silicomanganese to ferrochrome; the first in December 2016 and the second in April 2017.
It is expected that the new furnace will be producing an additional 2,300 tons per month. In addition, open-cast mining at Mecklenburg has resumed and preparations are underway for underground mining with the potential of accessing 20 million tons of chrome reserves. These initiatives will further increase Afarak' vertical-integration and make it more independent from third party suppliers of ore.
This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Afarak Group, 30 Stratford Road Kensington, London W8 6QD, UK
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