logo-loader
viewAfriTin Mining Ltd

AfriTin ships first tin concentrates from Uis mine

AfriTin is now ramping up production at the historic mine, hoping to soon treat 500,000 tonnes of ore each year

AfriTin Mining Ltd -
The Uis mine has been out of production for twenty years

AfriTin Mining Limited (LON:ATM) celebrated the first shipment of tin concentrate from the Uis tin mine in Namibia in twenty years as it makes strides towards a “revenue-generating phase” for the company.

The AIM-listed company updated shareholders on Friday, saying that its focus now moves to the ramp-up phase that see 500,000 tonnes of ore processed each year, which should yield around 60 tonnes of tin concentrate a month.

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

“The first shipment of product is an exciting stage as we demonstrate proof of concept and move into a revenue-generating phase,” said the company.

AfriTin intends to start enlarging shipment sizes as it ramps up phase 1 production.

In November, the firm raised £3.8mln through the issue of unsecured and convertible loan notes to tin trader AfriMet Resources and major shareholder The Orange Trust.

The money raised from the loan will fund the ramp-up at the mine, phase 2 studies and also tests on a lithium discovery within the pegmatite ore body.

Significant grades of lithium, in addition to tin, were discovered in February in pegmatites in the ML 133 Licence, located in the Nainais area of Namibia.

Overall, the developer widened its loss before tax widened to £627,000 in the six months to the end of August, from £432,000 a year ago.

AfriTin said it is “committed to becoming the African tin champion on AIM”, through a two-phase strategy involving firstly finalising the proof of concept while expanding the size and scope of the existing portfolio, and then going on to leverage the production profile to expand operations.

Quick facts: AfriTin Mining Ltd

Price: 3.05 GBX

AIM:ATM
Market: AIM
Market Cap: £19.65 m
Follow

Add related topics to MyProactive

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

NO INVESTMENT ADVICE

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...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

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...

2 weeks ago

2 min read