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Uis Tin Mine Power Supply Agreement

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RNS Number : 2880Y
AfriTin Mining Ltd
08 May 2019
 

8 May 2019

AfriTin Mining Limited

("AfriTin" or the "Company")

Uis Tin Mine Power Supply Agreement

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 announce the conclusion of an electrical power supply agreement for its mining and processing facility at the Uis Mine as part of the Phase 1 Pilot Plant Project.

The Company has concluded a formal supply agreement for electrical grid power with state-owned utility, Namibia Power Corporation ("Nampower"). The agreement provides for the full on-site power requirements for the Phase 1 mining and processing facility and will be significantly more cost effective than diesel generated power.

 

The salient terms of the agreement include:

·     Supply voltage of 66kV;

·     Supply capacity of 1.5MVA;

·     Agreement period of 10 years; and,

·     Pricing according to Nampower's Schedule of Standard Prices for Transmission Customers.

Diesel generators are now in place at site to provide power to the processing plant during the commissioning phase. However, once grid power has been connected the diesel generators will serve as backup power.

The electrical power will be provided from the existing high-voltage supply line that currently terminates approximately one kilometre from the plant processing site. It is projected that the construction of an 800-metre power line and substation required for the grid power connection will be undertaken and is aimed to coincide with the anticipated production ramp-up of the processing plant.

Commenting on the developments, CEO Anthony Viljoen stated,

"The conclusion of the power supply agreement is an important step in the progression of the Uis tin mine. This agreement will provide reliable energy to site, improve the planned cost structure and further support the economic viability of our project."

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 Mining 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 2018 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: 3.075

Market: AIM
Market Cap: £19.81 m
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