AfriTin Mining Ltd - First Production of Tin Concentrate
("AfriTin" or the "Company")
First Production of Tin Concentrate at the
Tin production comes soon after the Company announced the completion of the Phase 1 Pilot Plant on
Recent pictures of the
The Company is also pleased to announce that it has concluded an offtake agreement with Thaisarco for tin concentrate produced from the
The salient terms of the offtake agreement are as follows:
· Concentrate produced during the period of the offtake is to be shipped to Thaisarco in
· Thaisarco shall pay AfriTin a payment on the basis of actual tin content in the concentrate per AfriTin's analysis at a lowest LME price less treatment charges, unit deductions and impurity charges;
· Pricing shall be declared within 20 market days after arrival of concentrate at Thaisarco's works; and,
· Thaisarco shall facilitate the shipment of AfriTin concentrate to Thaisarco's works.
Thaisarco describes itself as an industry leader in the manufacture of tin, tin-alloys and tin-related products. Thaisarco was formed in 1963 and has become one of the largest tin smelters in the world, taking RMI compliant concentrates from around the globe.
"We are delighted to support AfriTin with a new offtake agreement for responsibly sourced tin concentrates. These concentrates will be smelted and processed into quality tin ingots, granules, solder, high purity products and powders. It's been a pleasure to work with the professional and focused team at AfriTin and we are looking forward to a long business relationship, helping them develop the Uis mine in
"We are delighted that our vision of bringing this historic mine back into production after almost thirty years of closure has taken a significant step forward. After only two years, AfriTin is still the only pure-play producing tin company on AIM and this can be attributed to the commitment and dedication of the entire AfriTin team."
"The support received from the Namibian government and the community of Uis has proven invaluable and contributed to getting the project to the point it is at today."
"I would like to thank the entire AfriTin team for their commitment and achievements at Uis and look forward to updating the market as the plant ramps up to steady-state production in the near future."
"The Board of Directors are pleased to partner with Thaisarco on the offtake of tin concentrate which signals a vote of confidence in the long-term development of the mine by a key player in the global, conflict-free tin concentrate market.
"Having produced first tin concentrate, concluded an offtake agreement and secured a working capital facility for the ramp-up phase of the Pilot Plant, AfriTin is on track to create the first revenue-generating, conflict-free asset in our portfolio"
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
For further information, please visit www.afritinmining.com or contact:
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+27 (11) 268 6555
Nominated Adviser and Joint Broker
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+44 (0) 207 220 1666
Corporate Adviser and Joint Broker
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+44 (0) 20 7907 8500
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+44 (0)20 7399 9400
Financial PR (
+44 (0) 207 920 3150
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Notes to Editors
AfriTin is managed by an experienced board of directors and management team with a current two-fold strategy: fast track Uis brownfield tin mine in
References to the Thaisarco business contained in this announcement are taken from its website: https://www.thaisarco.com/
This information is provided by RNS, the news service of the
Quick facts: AfriTin Mining Ltd
Market Cap: £11.76 m
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