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Uis Tin Mine Operational Update

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RNS Number : 7593O
AfriTin Mining Ltd
01 February 2019
 

1 February 2019

AfriTin Mining Limited

("AfriTin" or the "Company")

Uis Tin Mine Operational Update

Appointment of Joint Broker

AfriTin Mining Limited (AIM: ATM), a mining company with a portfolio of near production tin assets in Namibia and South Africa, with the flagship asset being the Uis Tin Mine in Namibia ("Uis Mine"), is pleased to provide an operational update related to the development of a mining and processing facility at Uis as part of the Phase 1 Pilot Plant Project.

Highlights

·     Decision taken to modify the Phase 1 Plant to add production capacity and also produce a tantalum concentrate which will add to revenues

·     Maiden tin and tantalum concentrate production from Phase 1 expected in Q2 2019

·     Stock piling of ore proceeding well following first blast in December 2018

·     Confirmation of sufficient process water supply from hydrogeological study and water drilling programme

·     Electrical grid power to be supplied from existing high-voltage line

·     Mobilisation of mining contractors  

·     Enhancements of the concentrator plant design and subsequent construction

·     Further progress on drilling programme in line with the Company target

·     Appointment of H&P Advisory Limited ("Hannam & Partners") as joint broker and corporate advisor

 

Following the start of the civil construction works in June 2018, the Company has been preparing and rehabilitating the Uis Mine site for the commencement of the Phase 1 Pilot Plant commissioning and production of tin concentrate. As previously announced, during December 2018 the Company undertook the first large-scale blast of mining material. The primary crushing circuit was commissioned and first material was crushed and stockpiled. The Company is well advanced with the procurement of mining contractor services for drilling, blasting, loading and hauling and mobilisation is expected once the contract has been finalised.

In consultation with its engineering consultants, The Company has decided to implement two additional components to the Phase 1 Pilot Plant. To increase plant throughput capacity and flexibility, a third dense medium separation ("DMS") section has been procured. In addition, a magnetic separation circuit will be installed in the plant. This addition will allow the plant to produce tantalum concentrate alongside the primary tin concentrate. The improvements should now result in first concentrate being produced in Q2 2019 but are expected to increase the overall revenue-generation capability of the Pilot Plant

The Company has made significant progress in addressing the infrastructure requirements for the Phase 1 Pilot Plant and Phase 1 of production. A geohydrological study, water drilling and test pumping programme has been completed.  The results of the programme have confirmed the viability of using groundwater sources to supply the Phase 1 Pilot Plant with the required process water.

Electrical power to the operation will be provided from the existing high-voltage supply line that currently terminates approximately one kilometre from the plant processing site.  The Company is now in the process of concluding a supply agreement with the relevant authorities that will allow the plant to be connected to the power grid.  Backup power, in the form of diesel generating sets, are also being installed at site.

Accordingly, the Company confirms that as a consequence of the additional work its target date for full scale concentrate production is now quarter 2, 2019.

 

Phase 1 exploration commenced at the start of November 2018 with the primary goal of validating the existing historic SRK resource over the V1 and V2 pegmatites. To date, 18 of the required 26 drill holes have been completed with all finished holes being geotechnically and geologically logged directly onto a new cloud-based geodatabase system. The core will be assayed and prepared for the declaration of an initial JORC resource on the project, and further announcements will be made in due course as appropriate.

 

Appointment of Joint Broker

AfriTin is also pleased to confirm the appointment of Hannam & Partners as a corporate advisor and joint broker. Together, we have been working closely on the development strategy of the Company and the conclusion of a working agreement is a culmination of this work.

Commenting on the developments CEO Anthony Viljoen stated, "The additions announced today to the Phase 1 Pilot Plant will allow for the production of both tin and tantalum concentrates as well as larger throughput capacity at our Uis Phase 1 Pilot Plant. These changes will not only improve revenue from Phase 1 but also allow us to further de-risk the larger Phase 2 production which is subject to a Bankable Feasibility Study."

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:

 

AfriTin Limited

 

Anthony Viljoen, CEO

+27 (11) 268 6555

Nominated Adviser and Joint Broker

 

WH Ireland Limited

Katy Mitchell

James Sinclair-Ford

+44 (0) 207 220 1666 

Corporate Advisor and Joint Broker


H&P Advisory Limited

Andrew Chubb

Nilesh Patel

+44 (0) 20 7907 8500

Joint Broker

 

NOVUM Securities Limited

Jon Belliss

+44 (0)20 7399 9400

Financial PR (United Kingdom)

 

Tavistock

+44 (0) 207 920 3150

Jos Simson

Barney Hayward

 

 

About AfriTin Mining Limited

Notes to Editors

AfriTin Mining is the first pure tin company listed in London and its vision is to create a portfolio of world-class, conflict-free, tin producing assets. The Company's flagship asset is the Uis brownfield tin mine in Namibia, formerly the world's largest hard-rock tin mine.

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 Namibia to commercial production in Q2 2019 ramping up to 5,000 tonnes of concentrate, and consolidation of other quality African tin assets. The Company strives to capitalise on the solid supply/demand fundamentals of tin by developing a critical mass of tin resource inventory, achieving production in the near term and further scaling production by consolidating tin assets in Africa.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: AfriTin Mining Ltd

Price: 3.19

Market: AIM
Market Cap: £20.55 m
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