Afarak buys magnesite mine in Serbia

Afarak will purchase Magnohrom, a refractory material company with ore mines and production facilities in Kraljevo, Serbia. Following the completion of the wo-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 mt for E1-million.

Guy Konsbruck, CEO of Afarak said, “The acquisition of Magnohrom allows Afarak to supply the growing refractory material industry.  Afarak will be investing in upgrading the technology and equipment at the mines and processing units.”

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