viewAfriTin Mining Ltd

AfriTin Mining gets £3.8mln loan from Swiss metals trader and key shareholder

First tin concentrate should be shipped from the Uis mine this month with production to rise to 60 tonnes per month early in the New Year.

AfriTin Mining Ltd -
Conversion of the notes would give AfriMet a 5.8% stake in AfriTin.

AfriTin Mining Limited (LON:ATM) has raised £3.8mln through the issue of unsecured and convertible loan notes to tin trader AfriMet Resources and major shareholder The Orange Trust.

The Namibia-focused group also said it expects first tin concentrate to be shipped from the Uis mine this month with production to rise to 60 tonnes per month early in the New Year, which is a slight delay due to issues connecting to the grid.

Money raised from the loan will fund this ramp-up, phase 2 studies and also tests on the lithium discovery within the pegmatite ore body.

The notes have a term of 18 months and coupon of 10% per annum payable on redemption or conversion, which is at a price of 4p per share or a 36% premium to last night's close.

One of the lenders AfriMet is a subsidiary of Switzerland-based ferrous and non-ferrous commodity merchant, Vanomet, a major trader of 3T metals (tin, tantalum and tungsten) and minerals sourced from Africa.

Conversion of its notes would amount to a 5.8% stake in AfriTin.

The Orange Trust is also providing cash through its subsidiary Yellow Dragon, which is subscribing for £1m of the loan notes.

If converted, Yellow Dragon would hold 3.7% and take Orange Trust’s stake to 13.4%.

Anthony Viljoen, chief executive, said: “We have been collaborating with AfriMet to establish multiple channels for revenue generation from the trade in tin and tantalum products. 

“Our mining activities are proceeding as planned and there are two mining areas producing ore.

"This bodes well for our steady-state production requirements in the future.

“We should ship our first tin concentrate from Uis at the end of November, a noticeable achievement for the company.”

Shares were unchanged at 3.08p.


- adds detail and share price --

Quick facts: AfriTin Mining Ltd

Price: 2.305 GBX

Market: AIM
Market Cap: £18.75 m

Add related topics to MyProactive

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


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...


AfriTin Mining is in a 'very comfortable position' generating £1m revenue...

AfriTin Mining Ltd's (LON:ATM) Anthony Viljoen talks Proactive London through their latest six month report for the period to June 2020. Viljoen highlights the revenue generated - just over £1m during the six month period. He goes on to explain ramping up of production at its Uis mine in...

3 weeks ago

2 min read