AfriTin Mining Limited (LON:ATM) is to buy two more tin and tantalum licences to expand its footprint in Namibia.
The company will buy all of Tantalum Investment from Jan Jonathan Serfontein for £850,000 in shares issued at 3.4p. Tantalum Investment owns the licences, one of which includes the formerly producing Brandberg West tin and tungsten mine that was in operation until the 1980's.
The other licence, EPL5670, sits in the Goantagab belt in Namibia.
Anthony Viljoen, AfriTin Mining’s chief executive, said the licences were 80km or less away from its flagship Uis mine and located in what was once a prolific tin-producing region.
“While bringing the Uis mine back into production remains our primary focus, we will begin early stage exploration on these new licences, with the objective of reopening the whole region as a major tin province."
AfriTin’s strategy is to fast-track Uis to commercial production in 2018 ramping up to 5,000 tonnes of concentrate and from there to consolidate other African tin assets.