logo-loader
AfriTin Mining Ltd

AfriTin raises £3mln to take Uis mine into phase 1 production

Former parent Bushveld Minerals has also agreed to provide a short-term loan to further boost its cash position.

mine
Uis is in Namibia

Namibian tin mine developer ArfiTin Limited (LON:ATM) has raised £3mln through a share issue at 3p.

Former parent Bushveld Minerals Limited (LON:BMN) has also agreed to provide a short-term loan to boost its cash position even more.

The vanadium miner will provide a £1.7mln working capital facility to help AfriTin start production at the Uis tin mine in Namibia.

AfriTin announced in February it was amending its plans for a pilot plant at Uis to increase capacity and allow for tantalum to be produced.

Anthony Viljoen, chief executive, said the plant is now currently 90% complete and that this financing will bring commissioning in on time and in the current quarter.

“We remain committed to our objectives of producing an operational, Phase 1 Pilot Plant and a confirmed JORC compliant resource at Uis to provide a solid platform for Phase 2 feasibility and delivery," he said.

“The directors believe that the successful completion and ramp up of the Plant will demonstrate a compelling business case, through a bankable feasibility study, for the Phase 2 development of the plant.”

Miton puts more in 

UK small-cap fund manager Miton was one of the backers of the share subscription and will hold an 8.8% stake going forward.

Bushveld Minerals spun-off its non-core tin business in 2017 to create AfriTin and retains a 9.5% stake but said it want to exit from tin once the mine is up and running and any borrowings are paid back.

Fortune Mojapelo, Bushveld’s chief executive, said the funding support gives AfriTin time to finalise its own longer-term debt.

“The support provided therefore enables Bushveld Minerals to secure value in its remaining shareholding in the company and thereby facilitate for the eventual final exit from the tin business by the end of the facility term."

 

Quick facts: AfriTin Mining Ltd

Price: £0.03

Market: AIM
Market Cap: £21.9 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of AfriTin Mining Ltd named herein, including the promotion by the Company of AfriTin Mining Ltd in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: AfriTin Mining produces first concentrate from Uis mine

Headlines from the Proactive UK newsroom. AfriTin Mining (LON:ATM) has produced is first tin concentrate from the Uis mine in Namibia. The miner has also signed an offtake deal with a Thai group.  BlueRock Diamonds (LON:BRD) has sold a fifth diamond this year for more than US$50,000....

5 days, 4 hours ago

2 min read