viewAfriTin Mining Ltd

AfriTin produces first concentrate from Uis, signs off-take agreement with Thai smelting and refining company

AfriTin is bringing an old producing mine back to life after a thirty year gap

AfriTin Mining Ltd -
Pilot plant at Uis

AfriTin Mining Ltd (LON:ATM) has produced its tin concentrate from the Uis tin mine in Namibia.

Tin production comes soon after the company announced the completion of the Phase 1 pilot plant on 26 July 2019 and that hot and cold commissioning were nearing completion.

The company will now focus on ramping up the plant to its design capacity of 500,000 tonnes of ore per annum, which will produce approximately 60 tonnes of tin concentrate per month by the end of Q4 2019.

The Uis Tin Mine, once home to the largest conflict-free hard-rock tin mine in the world, was discovered in 1911 with mining commencing in 1950.

As a result of unfavourable market conditions at the time, the mine went into care and maintenance and was then closed.

Meanwhile, AfriTin has entered into an offtake agreement with Thailand Smelting and Refining Co Ltd for tin concentrate produced from the Uis Tin Mine.

The one-year offtake agreement enables AfriTin to sell its tin concentrate and secure revenue for the next 12 months with an option to extend the contract. The offtake agreement specifies pre-agreed concentrate deliverables which are in line with the project ramp-up and design specification of the plant.

Thaisarco describes itself as an industry leader in the manufacture of tin, tin-alloys and tin-related products. Thaisarco was formed in 1963 and has become one of the largest tin smelters in the world, taking concentrates from around the globe.

"We are delighted that our vision of bringing this historic mine back into production after almost thirty years of closure has taken a significant step forward,” said AfriTin chief Antony Viljoen.

“After only two years, AfriTin is still the only pure-play producing tin company on AIM and this can be attributed to the commitment and dedication of the entire AfriTin team. The board of directors are pleased to partner with Thaisarco on the offtake of tin concentrate which signals a vote of confidence in the long-term development of the mine by a key player in the global, conflict-free tin concentrate market.”

Quick facts: AfriTin Mining Ltd

Price: 2.75 GBX

Market: AIM
Market Cap: £17.96 m

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