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Financial results show AfriTin nicely poised for first tin production from Uis

AfriTIn is now nearing the completion of the pilot plant at Uis

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Uis is a former producing mine

AfriTin Mining Ltd (LON:ATM) booked a loss of just over £1mln in the year to 28 February 2019, equating to a loss per share of 0.23p.

Although AfriTin has not yet commenced commercial production from its Uis tin mine in Namibia, the company did book £27,000 of sales from the sale of sand at Zaaiplaats.

WATCH: Milestone for AfriTin Mining as it marks transition from explorer to producer

During the period AfriTin spent £571,000 on exploration and evaluation work and £4.7mln on the phase one pilot plant.

As at 28 February 2019, the Group had cash in the bank of just under £1.8mln.

The completion of an equity subscription of around £3mln on 22 May 2019 as well as the finalisation of a standby working capital facility for around 1.7mln with Bushveld Minerals will allow AfriTin to complete the development of the Phase 1 Pilot Plant and will provide general working capital to achieve first production of tin concentrate.

The company describes production of tin from Uis as “imminent.”

 

 

Quick facts: AfriTin Mining Ltd

Price: 1.8 GBX

AIM:ATM
Market: AIM
Market Cap: £11.76 m
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