May 17, 2018 - Afarak Group announces the signing of a Sale Purchase Agreement for Magnohrom, a leading refractory material company with ore mines and production facilities in Kraljevo, Serbia.
Following the completion of the 2-year sintered magnesite test project at the Magnohrom plant, Afarak has acquired the operation and the mining rights for various magnesite mines with confirmed reserves of over 4 million tons of ore. Afarak Group has acquired the business for EUR1 million.
Guy Konsbruck, CEO of Afarak said that, "The acquisition of Magnohrom allows Afarak to supply the growing refractory material industry. The Magnohrom mines have confirmed reserves of over 4 million tons of quality ore and Afarak will be investing in upgrading the technology and equipment at the mines and processing units."
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).