NEW FERROALLOY REFINING AND GRANULATION PLANT I...

07:30 London, 09:30 Helsinki, 17 December 2014 - Afarak Group Plc, Stock Exchange Release

NEW FERROALLOY REFINING AND GRANULATION PLANT IN OPERATION

Further to the announcements of 12 August 2014 and 1 July 2013, Afarak Group Plc ("Afarak" or the "Company") (LSE: AFRK, OMX: AFAGR) is pleased to announce that the Company's subsidiary Mogale Alloys (Pty) Ltd ("Mogale Alloys") has completed the installation of ferroalloy refining and granulation plant and the plant is in operation.

Significant part of the current ferrochrome production can now be converted to granulated medium carbon ferrochrome, a niche product, which affects positively the profitability of Mogale Alloys and moves the Company further into mature markets. The Company has already secured several long term sales contracts of the new specialty alloy material.

 

The total cost of the investment was approximately ZAR 185.1 million (approximately EUR 12.9 million or GBP 10.3 million) and the monthly production capacity of the plant is expected to be 1,500 tonnes of medium carbon ferrochrome.

Visual material of the new plant can be found at http://www.afarak.com/en/investors/media-bank/.

AFARAK GROUP PLC
Danko Koncar
CEO

For additional information, please contact:

Afarak Group Plc
Danko Koncar, CEO, [phone], [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 OMX Helsinki (AFAGR) and the Main Market of the London Stock Exchange (AFRK).
www.afarakgroup.com

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

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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

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