Afarak Group PLC said May 17 that it bought Serbian magnesite group Magnohrom d.o.o. for €1 million, including various magnesite mines and production facilities in the city of Kraljevo.

"The acquisition … allows Afarak to supply the growing refractory material industry. The Magnohrom mines have confirmed reserves of over 4 million tonnes of quality ore and Afarak will be investing in upgrading the technology and equipment at the mines and processing units," Afarak CEO Guy Konsbruck said.