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Afritin Mining sets up loan facility as production nears

"This facility will enable the technical team to focus on a successful ramp-up in order to achieve the design capacity of the Phase 1 Pilot Plant"

AfriTin Mining Ltd -

AfriTin Mining Limited (LON:ATM) has agreed a £2.46mln working capital facility with Nedbank Namibia.

"This facility will enable the technical team to focus on a successful ramp-up in order to achieve the design capacity of the Phase 1 Pilot Plant as the company transitions into cash flow, “ said Anthony Viljoen, the chief executive officer of AfriTin Mining.

Around £456,000 (N$8,000,000) is secured on outstanding VAT rebates, while AfriTin and former parent Bushveld Minerals PLC (LON:BVM) have provided a surety over the remainder of the loan.

Two weeks ago AfriTin reported it had completed construction of the phase 1 pilot plant and both hot and cold commissioning was nearing completion ahead of the production ramp-up.

Nameplate capacity will 500,000 tonnes of ore per year.

The plant will produce about 60 tonnes of tin concentrate per month before the end of the fourth quarter of 2019.

Quick facts: AfriTin Mining Ltd

Price: 3.05 GBX

AIM:ATM
Market: AIM
Market Cap: £19.92 m
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AfriTin Mining secures £3.8mln loan facility for Namibia mine

AfriTin Mining Ltd (LON:ATM) chief executive Anthony Viljoen sat down with Proactive's Andrew Scott at Mines & Money London 2019 to explain how it will use a £3.8mln convertible loan from tin trader AfriMet Resources and major shareholder The Orange Trust. The miner, which operates tin...

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