Afarak Group Plc announced that its subsidiary Turk Maadin Sirketi AS (TMS) has been granted the exploitation mining license for Eskisehir -Mihaliccik Karaagac “Eagle Field”.
TMS is a Turkish mining company specialized in the mining industry of high grade chrome ore. TMS operates in three provinces in Turkey and in total 19 chrome ore concessions. TMS processes run of mine chrome ore into High Grade concentrate and Lumpy Chrome ore. The High grade concentrate is delivered to Elektrowerk Weisweiler GmbH in Germany, another wholly owned subsidiary of the Company, were the Chrome ore concentrate gets further processed into Low Carbon and Ultra Low Carbon ferrochrome whereas the Lumpy Chrome ore is sold to third parties. The annual production of TMS concentrate is at the moment about 50.000 tons chrome ore concentrate with an average percentage of chrome oxide of about 50%.
TMS will now investigate the most appropriate time to bring the mine into production to ensure that the Company maximizes the selling price in a challenging trading environment.
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).
