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AfriTin resumes full scale production at Uis, despatches fourth shipment of tin

Rigorous safety measures have been implemented at Uis to combat the threat of coronavirus

AfriTin Mining Ltd -

AfriTin Mining Ltd (LON:ATM) said mining operations at the Uis tin mine have now returned to full scale following the easing of coronavirus (COVID-19) lockdown measures in Namibia.

The lockdown has resulted in delays to planned throughput increases, and optimisation work has now been resumed to allow the operation to reach design capacity.

Meanwhile, an internal review has identified staged modifications that could potentially increase the net present value to US$122mln, and the internal rate of return to 60%. That would involve a 50% increased production capacity and improved recoveries beyond initial the design capacity, a further expansion of tin and tantalum concentrate production, and the processing of lithium ore to generate a new by-product revenue stream.

Additionally, the company has now despatched its fourth shipment of tin concentrate.

"I am pleased to report the easing of measures in Namibia and South Africa following the COVID-19 lock-down and the implementation of new health measures across the Company to protect our employees from the global pandemic,” Anthony Viljoen, chief executive of AfriTin said in a statement. 

“We have not been immune to the disruptions caused by the lockdowns and have experienced delays in the supply chain from Namibia and South Africa. This disruption has impacted the optimization process, but activity levels have now returned to pre-lockdown levels and the ramp up is steadily increasing month-on-month towards design capacity," he added.

Quick facts: AfriTin Mining Ltd

Price: 2.2 GBX

Market: AIM
Market Cap: £17.9 m

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on 29/9/20

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