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Afarak Group Plc
Summary
| Project: | Stellite | |
|---|---|---|
| Deposit: | Stellite | |
| Location: | South Africa | |
| Commodities: | Chromium | |
| Date: | 3/30/2018 | |
| Report Code: | SAMREC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 30-3-2018: Afarak Group Plc announces a Resource Estimation report for its Stellite deposit at the Stellite project. Annual report containing mineral resource and reserve update. After an encouraging end to 2016, the positive momentum in the commodity mar | |
| Resources: | (Resource, P+P): 17.593Mt @ 33.25% Cr2O3 at project | |
| CP/QP: | [Resources]: Daniel Thenga, Cuan Kloppers (Internal;Independent) | |
| ABSTRACT: | After an encouraging end to 2016, the positive momentum in the commodity markets continued through 2017. The chrome ore and ferrochrome market was generally strong, driven by positive market sentiment on stainless steel, both in China and the Western world. The strong economic performance in both major developed and developing countries also played a key role in supporting positive commodity demand conditions. Internal restructuring leads to record results Afarak benefited from these positive market conditions. Our focus on vertical integration and niche marketing, with high quality end products helped us register an EBITDA of EUR18.0 million compared to EUR5.5 in 2016. Our sales volumes from processing improved from 97,095 tonnes to 101,598 tonnes. Our mining output increased from 262,266 tonnes to 503,914 tonnes following the resumption of mining in Mecklenburg. At the same time, we have identified and developed internal and external growth areas. | |
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