Afarak Group : Arbitration tribunal dismisses c...

12.00 London, 14.00 Helsinki, 14 July 2015 - Afarak Group Plc, Stock Exchange Release

ARBITRATION TRIBUNAL DISMISSES CLAIM

Further to the announcement of 27 March 2014, Afarak Group Plc ("Afarak" or the "Company") (LSE: AFRK, OMX: AFAGR) is pleased to announce that the claim by Chinese Suzhou Kaiyuan Chemical Co. Ltd has been withdrawn.

The claim of approximately EUR 2.66 million was brought against Afarak's marketing arm, RCS Limited, and various companies which form part of the Chromex joint venture. The claim related to a chrome ore sales agreement entered into by Chromex Mining Plc ("Chromex") prior to Chromex's acquisition by Afarak together in a joint venture with Kermas Limited.   

As a result of the withdrawal, the Arbitration Tribunal has dismissed the claim and the claimant, Chinese Suzhou Kaiyuan Chemical Co. Ltd., has been ordered to pay the full arbitration cost.

AFARAK GROUP PLC
Alistair Ruiters
CEO


For additional information, please contact:

Afarak Group Plc
Dr Alistair Ruiters, CEO, tel [phone] (Helsinki Office), [e-mail]

Afarak Group is a chrome mining and minerals producer focused on delivering sustainable growth with a speciality alloys business in southern Europe and a ferro alloys business in southern Africa. The Company is listed on NASDAQ Helsinki (AFAGR) and the Main Market of the London Stock Exchange (AFRK).
www.afarak.com

Distribution:
NASDAQ Helsinki
London Stock Exchange
main media
www.afarak.com

---

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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

HUG#1938623