AFARAK GROUP PLC'S PUBLISHES FINANCIAL STATEMENTS AND ANNUAL REPORT FOR 1 JANUARY - 31 DECEMBER 2016
Afarak Group plc ("Afarak" or the "Company") (LSE: AFRK, NASDAQ: AFAGR) announces that it has published today its Annual Report for the year ended 31 December 2016 which is available from the Company's website www.afarak.com.
The Annual Report for 2016 includes a detailed Strategic Review which analysis the Company's operational and financial performance, risk management and a sustainability review with a focus on the initiatives undertaken with respect to health & safety, host communities and the environment. A Governance Review highlighting the Board's work during 2016 and initiatives related to Corporate Governance is also included. The Annual Report also includes an updated Resources and Reserves Statement for the Company's mining assets in South Africa following activities over the course of 2016.
Commenting on the Annual Report, Guy Konsbruck, CEO of Afarak, said that "This year's Annual Report highlights the difficulties Afarak faced as well as management's strategy to safeguard the Company's fundamentals. Given the several headwinds we faced, we are satisfied with the results and the Company's ability to benefit from the market upswing that started in December."
Ivan Jakovcic, Chairman of Afarak added that, "2016 was a challenging year for the Company and the Board acted decisively and in a timely manner. As a Board, we focused our energy on further enhancing health & safety and strengthening the management and organisational structure. We are confident that our efforts will continue creating value for all of our stakeholders, including our shareholders."
A copy of the Annual Report 2016 has been submitted to the UK's National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do.
Afarak will hold its 2016 Annual General Meeting in Helsinki on 23 May 2017. The notice of the meeting will be released in April 2017.
Guy Konsbruck
CEO
2017
