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AfriTin confirms improving production performance at Uis mine

"Despite operational challenges related to COVID-19 and the production ramp-up during the first half of 2020, the performance of our Uis operation is displaying improvement," said chief executive Anthony Viljoen

AfriTin Mining Ltd - AfriTin confirms improving production performance at Uis mine
Aerial shot of the Uis mine. Image source: Twitter: @Afritin_Mining

AfriTin Mining Ltd (LON:ATM) told investors that monthly tin production at the Uis mine, in Namibia, rose to 35 tonnes, up 79% month-on-month.

Production for the year to date totalled 112 tonnes after the month of July, it added.

The group highlighted that it is targeting output of 60 tonnes per month, which would result from the processing of some 45,000 tonnes of ore per month (at a rate of 80 tonnes per hour).

WATCH: AfriTin Mining CEO says operations are coming along nicely with 35 tonnes produced in July

The company also confirmed that its sixth shipment of tin concentrate was dispatched on August 3.

Importantly, an offtake deal with Thailand Smelting and Refining Corporation (Thaisarco) has been renewed for another 12 months.

"Despite operational challenges related to COVID-19 and the production ramp-up during the first half of 2020, the performance of our Uis operation is displaying improvement, which, together with the rebound in the tin price and the successful completion of our recent capital raising, provide a strong platform for the rest of 2020,” Anthony Viljoen, AfriTin chief executive said in a statement.

"We are delighted to have continued our relationship with offtaker, Thaisarco, and believe that this demonstrates confidence in our company. Building on the results of our improvement initiatives, we expect to further expand production at Uis, while simultaneously advancing our project studies towards the full implementation of Phase 1," he added.

Quick facts: AfriTin Mining Ltd

Price: 2.15 GBX

AIM:ATM
Market: AIM
Market Cap: £17.49 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