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Afritin Mining raises £3mln as mining work resumes in Namibia

Mining operations at Uis resumed in June following the easing of coronavirus (COVID-19) lockdown measures in Namibia.

AfriTin Mining Ltd -

AfriTin Mining Limited (LON:ATM), the tin miner, has raised £3.05mln through a placing and subscription at 2.1p.

Existing shareholders have applied for the majority of the shares, said AfriTin, and the money will complete debottlenecking capital projects for the Stage I plant at the Uis tin mine, feasibility studies for the Phase 1 expansion and working capital.

Mining operations at Uis resumed in June following the easing of coronavirus (COVID-19) lockdown measures in Namibia.

An internal review also identified staged modifications that could potentially increase the net present value to US$122mln, and the internal rate of return to 60%.

The placing price of 2.1p represents a discount of 25% to the price on 21 July.

Shares dropped 18% to 2.3p.

Quick facts: AfriTin Mining Ltd

Price: 2.25 GBX

AIM:ATM
Market: AIM
Market Cap: £18.31 m
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AfriTin Mining CEO says operations are coming along nicely with 35 tonnes...

AfriTin Mining Ltd's (LON:ATM) Anthony Viljoen tells Proactive London's Andrew Scott that monthly tin production at the Uis mine, in Namibia, rose to 35 tonnes in July, up 79% month-on-month. He says they're targeting output of 60 tonnes per month, which would result from the processing of some...

on 5/8/20

2 min read