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.