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.
“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.