Afarak Group PLC expects mining at its Vlakpoort mine in South Africa to ramp up to a steady state of about 20,000 tonnes in the third quarter after it was granted a new mining right.
Including the underground potential, the mine has a minimum proven resource of about 6.7 million tonnes of chrome and 330,314 ounces of platinum group metals.
The company will start preparatory work for the mine in the second quarter, it said March 14.
In February, Finland's Financial Supervisory Authority ordered Afarak Group COO and shareholder Danko Koncar to launch a takeover bid of at least €2.50 per share for the company's shares or pay a €40 million fine.
